Intel buys driverless car firm in $15.3bn takeover

Take a look at this

US tech firm, Intel buys driverless car firm in $15.3bn (£12.5bn) takeover of Mobileye.

Intel is set to pay $63.54 a share in cash for the Israeli firm which creates “autonomous driving” systems.

Both Mobileye and Intel are working together with German carmaker BMW. The firms are looking to put 40 test vehicles on the road this year.

Intel believe the driverless tech market will be worth a staggering $70bn by 2030.

Many tech firms are currently producing driverless cars, earlier in the month Nissan test drove a vehicle and hopes to make the cars available by 2020.

Google is also working on the driverless tech.

Betsy Van Hees, analyst at Loop Capital Markets, told Reuters: “It’s an area where [Intel] has had very little presence – the automotive market – and so this is a tremendous opportunity for them to get into a market that has significant growth opportunities.”