Mobileye Up After Reports Tesla's Musk Visited Company

Shares of Mobileye NV MBLY gained more than 2 percent Tuesday after reports surfaced that Tesla Motors Inc TSLA's CEO Elon Musk recently visited Israel.

Israel is home to Mobileye's head office and a major research and development center.

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According to Israel-based Globes, Musk "secretly" visited Israel and did indeed visit Mobileye's facilities. The publication, citing "automotive industry sources," noted that during Musk's visit, he viewed a demonstration of "several breakthrough developments by Mobileye" that are related to the development of an automated system.

Globes added that Mobileye is designing a system for Tesla, which is "the first of its kind in the world" and "combines several advanced technologies that enable the vehicle to identify its environment, avoid obstacles, and move without driver intervention."

Shares of Tesla were trading lower by roughly 0.7 percent at $228.59 in early Tuesday trading.

Posted In: NewsRumorsMoversTechTrading Ideasautomated drivingElon MuskGlobesisraelIsraeli CompaniesMobileyeMobileye Tesla
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