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Shares of Mobileye NV (NYSE: MBLY), an Israel-based developer of advanced driver assistance systems and autonomous driving technologies, plunged nearly 20 percent early Tuesday morning.
Mobileye said during its quarterly conference cal; that it will cease working with perhaps its most notable client, Tesla Motors Inc (NASDAQ: TSLA) beyond the current processor used in its cars called EyeQ3. The company reported both a top and bottom line earnings beat.
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"EyeQ3 shipments will continue for the near future, and maybe for the longer future," TechCrunch quoted Mobileye's CTO Amnon Shashua as stating on the conference call. "We simply decided where we wanted to put our resources for the future of autonomous driving… and we decided what we decided."
When asked if it was Mobileye or Tesla's management team that decided to end the agreement, Shashua declined to offer any additional details.
The stock traded recently at $44.20, down 10.4 percent.
Surprising Move Or Not?
On the one hand, Tesla CEO Elon Musk visited Mobileye's head office in Israel earlier this year. Israel-based Globes reported that Musk was observing first hand several breakthrough developments by Mobileye.
Was Musk unhappy with what he had seen first hand? These are the tough questions investors and analysts will be examining in the coming days.
On the other hand, notable short-seller Citron Research stated in early April that Mobileye's business has "gone from bad to worse."
Mobileye is like a "college kid at a bar at 2:00 AM: They say whatever they have to do to get into bed, regardless of the truth," Citron said in its report.
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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.