Mobileye launches first camera-only speed assist system that meets new EU standards

Shares of Mobileye Global Inc.
MBLY,
+3.19%
were indicated up more than 1% in premarket trading Tuesday, after the autonomous driving technologies company announced the launch of the first camera-only Intelligent Speed Assist (ISA) software system for automakers that meet new European Union standards. The company said the new software system, which doesn’t need to rely on third-party map and GPS data, has been certified for use in all 27 EU countries, as well as Israel, Norway, Switzerland and Turkey. The Mobileye ISA system is expected to be used by a “major global auto group” in two vehicle brands going on sale in Europe in 2023, and three other “global automakers” will follow in 2024. Mobileye’s stock has rallied 23.7% year to date, while the Global X Autonomous and Electric Vehicles exchange-traded fund
DRIV,
+0.82%
has climbed 36.7% and the S&P 500
SPX,
+0.39%
has gained 17.8%.