MBLY: MBLY Announces Robotaxi Business Model Expansion

研报英文原文证据摘录

MBLY: MBLY Announces Robotaxi Business Model Expansion

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Tom Narayan (Analyst)

Thomas Ito, CFA (Senior Associate)

June 16, 2026

Mobileye Global Inc.

MBLY Announces Robotaxi Business Model Expansion

NASDAQ: MBLY | USD 9.53 | Sector Perform | Price Target USD 9.00

Sentiment: Neutral

What Happened? MBLY announced plans to expand its robotaxi activities beyond supplying self-driving technology and into a full

ownership of an autonomous ride-hailing business. This new initiative is set to launch in the US in 2027. The company intends for

an initial 100 vehicle fleet, which then scales to ~17K over the following 5 years. Of the 4 parts of the robotaxi value chain: 1) Car,

2) Self-Driving System, 3) Fleet operations, and 4) Customer-facing app, MBLY will initially be doing 2-4. We expect the car to be

purchased off the shelf from an OEM, a partner could do the up-fitting for the car to be robotaxi-ready, but MBLY will own the car.

The fleet operations, will be done jointly between MBLY and Moovit (we could see the cleaning, maintenance, and fueling done

by a subcontractor), and the customer facing app will be done by MBLY initially. Over time, we could envision MBLY using third

party customer-facing apps like Uber especially as it tries to scale to sizable volumes. MBLY does have relationships with MOIA

and HOLON where it provides the Self-driving System to these robotaxi operators, and for those, nothing changes.

What do we think? As we have long argued, Level 2+/Level 3 (which MBLY supplies OEMs through its SuperVision/Chauffeur

offerings) do represent significant opportunities for OEMs, especially in the US and Europe, where they can price to consumers and

possibly garner software-like margins.