11:24 AM EDT, 03/18/2024 (MT Newswires) -- Mobileye (MBLY) said Monday it will wind down its aftermarket solutions division as revenue has declined and the business has not contributed to its profitability in recent years.

About 130 employees worldwide will be affected, Mobileye said, adding it will continue to service existing customers over the medium term as well as customers of its General Safety Regulation solutions for commercial vehicle makers.

Revenue from the aftermarket business, which provides retrofitted advanced driver assistance technology, has declined to about $40 million annually amid a slowdown in demand for retrofitted ADAS services, Mobileye said.

The move isn't expected to have any material impact on its financial results this year, Mobileye said.

The company's shares were rising 3.4% in recent trading.

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