Mobileye, which develops technology for self-driving cars and driver-assistance systems, was hit hard by automakers cutting orders due to the glut created during the pandemic.
Now it is instead reduced production targets at the car manufacturers that haunt the company. And a weaker Chinese economy – with a decline in car sales – has added salt to the wounds.
Now Mobileye expects to deliver 3.5 million fewer units of its EyeQ chip than expected. Deliveries of the more advanced SuperVision chip are also expected to decrease.
The company also lowers full-year revenue forecast from the range of $1.83-$1.96 billion to $1.60-$1.68 billion.
