Intel INTC has reportedly released a video showcasing its autonomous car — Mobileye — navigating through streets in Jerusalem. Mobileye is Intel’s Israel-based autonomous driving unit.

Per Reuters, the video showcases Mobileye’s journey for about 20 minutes, through the help of 12 on-board cameras and no sensors.

Portions of the unedited video were shown by the company at a news conference, held at the CES tech show in Las Vegas. In the video, Mobileye navigated through four-way intersections and change lanes to weave into traffic as well as avoid pedestrians.

Mobileye Achieves New Breakthrough

Most technology companies pair cameras with sensors such as radar or lidar, which enables the self-driving vehicle to see the surroundings. By evading the use of sensors, the latest demo provided by Mobileye is considered a breakthrough in the self-driving vehicles space.

The company stated that Mobileye’s technology is capable of creating 3D images from 2D camera images. This facilitates the vehicle to better sense the environment. The technology is based on the use of latest autonomous driving EyeQ5 chips that helps process the images.

Mobileye is also capable of merging the information from its camera-only system with the data procured from radar and lidar systems that can be used together on self-driving cars.

Intel Corporation Price and Consensus

Autonomous Vehicles’ Growth Potential

Technology companies have been competing with each other to come up with innovative solutions and capabilities in the autonomous vehicles space, which act as eyes and brains for advanced transportation systems.

In fact, advancement in machine vision systems, neural networking capabilities, digital mapping and obstacle recognition functionalities, have supported growth of self-driving vehicles.

Markedly, the autonomous-vehicle technology achieved rapid progress in 2019 with the launch of vehicles featuring Level-2 and Level-3 functionalities. In fact, Goldman Sachs believes that the first commercially available semi-autonomous cars (Level 4) are likely to be on road in the next 1-2 years.

Apart from Intel, Qualcomm QCOM has showcased new product solution for the self-driving space, at the CES. The company unveiled a group of ADAS and autonomous driving system-on-chips (SoCs), which will be sold under the Snapdragon Ride Safety label.

Moreover, several technology and automotive giants like Alphabet’s GOOGL Waymo, Nvidia NVDA, Baidu, Tesla and Ford are focusing on the development and testing of autonomous vehicles as well as related technologies.

With strong growth prospects in the autonomous vehicles space, Intel’s efforts to boost presence in this arena are likely to yield favorably in the near term. This is likely to favor the company’s top-line growth.

Zacks Rank

Intel currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

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