08:05 AM EDT, 09/09/2024 (MT Newswires) -- Mobileye Global ( MBLY ) said Monday it will cease the internal development of next-generation frequency modulated continuous wave, or FMCW lidar for autonomous and highly automated driving systems by the end of the year.

Mobileye said the FMCW lidar technology is now less essential to its roadmap for eyes-off systems due to advances in other areas, including "substantial progress" in EyeQ6-based computer vision perception, improvements in internally developed imaging radar performance, and cost reductions in third-party time-of-flight lidar units.

This decision will not impact any of the company's customer product programs or product development in general, Mobileye said.

The closure of the lidar R&D unit by the end of 2024 will affect approximately 100 employees and is expected to cost $60 million in operating expenses, including approximately $5 million related to share-based compensation expenses for 2024.

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