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Shares of Mobileye NV (NYSE: MBLY) gained more than 2 percent Tuesday after reports surfaced that Tesla Motors Inc (NASDAQ: 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.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.