Intel (NASDAQ:INTC) stock is on the move Monday after revealing plans for all-electric, autonomous vehicles that will hit public roads in 2024.
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Let’s take a look at that news below!
- These new EVs are being made in combination with Benteler EV Systems, Beep Inc., and Mobileye, which is an Intel company.
- The EVs are shuttle buses that will fill micro-transit roles in urban areas.
- The idea here is that these can assist with last-mile transportation.
- That could help reduce road congestion while improving road safety and mobility access.
- The goal is for these to operate in the U.S. starting in 2024.
- Intel’s big contribution to these plans is Mobileye’s experience with creating autonomous systems for vehicles.
- That includes having shipped over 100 million of its computer vision solutions for the driving-assistance market.
- It also already has autonomous fleets operating across several countries.
- Among those are Israel, Germany, Japan, China, France, and the U.S.
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Hinrich Woebcken, an advisory Board member at Beep, as well as the former CEO of Volkswagen North America, said this about the EV plans.
“Multipassenger micro-transit needs are ever-increasing in our cities and towns globally and must be addressed in order to reduce road congestion, protect the environment and provide safe, reliable mobility for all to access. Bringing to market an affordable, automotive-grade, electric, autonomous mover is a solution that will transform mobility as we know it today.”
INTC stock started off strong this morning on the EV news. However, shares have slipped since then and are currently down roughly 1% as of Monday afternoon.
There’s more stock market news for investors to sink their teeth into below!
We’ve got all the hottest stock market coverage that traders need to know about for Monday! That includes the analyst takes on Moderna (NASDAQ:MRNA) stock, details on Advanced Micro Devices (NASDAQ:AMD) completing its merger with Xilinx, as well as when the next stock market holiday is. You can find out all about these matters at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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