Self-Driving Vehicle Problems Mount
It’s been a rough time for the self-driving vehicle industry, with issues around GM’s Cruise unit renewing the regulatory spotlight on the space in late 2023. Unfortunately for investors betting on a quick turnaround, self-driving technology company Mobileye Global warned that it may take longer than anticipated. ⚠️
The company said its results this year will be impacted by customers clearing excess inventory for their books before placing new orders. It provided a preliminary 2024 operating loss between $378 and $468 million, much more significant than its preliminary 2023 operating loss of $33 to $39 million. Its 2024 revenue forecast of $1.83 to $1.96 billion also fell short of the $2.58 billion consensus view. 📊