Mobileye slashes annual forecasts on choppy demand
- Mobileye Global cut its annual revenue and profit forecasts on Thursday, blaming volatile demand for its driver-assistance chips in China even as the automotive tech company reels from weak sales due to global production cuts.
Automakers have been keeping a tight check on production levels as they come off a pandemic-induced inventory glut, denting business at auto industry suppliers such as Mobileye, which has partnerships with companies including Ford, Honda, and Volkswagen for its ADAS technologies. "The excess inventory at... customers that meaningfully impacted our business in the first half of 2024 appears to be almost fully behind us, but a more significant than anticipated softening of business conditions in China is expected to lead to challenges in the second half," CEO Amnon Shashua said.
پاکستان تازہ ترین خبریں, پاکستان عنوانات
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