The Jerusalem-based vehicle safety systems manufacturer Mobileye has entered the automatic car development market with the goal of developing a driverless car. The Marker has learned that Mobileye is collaborating with American electric car manufacturer Tesla and is studying systems that are in development in Israel.Additionally, Elon Musk in 2013 admitted that he preferred MobileEye's approach compared to Google's ($GOOG) radar approach stating:
The problem with Google's current approach is that the sensor system is too expensive. It's better to have an optical system, basically cameras with software that is able to figure out what's going on just by looking at things.Predictably, this sort of technology and the drive toward autonomous driving will face staunch competition from the tech giant, who have been working on their technology since at least 2011. Some Numbers From 2011 to 2012, the company's revenue doubled. Guess what? From 2012 to 2013, the company's revenue doubled again, posting revenues of $19.2 million, $40.3 million, and $81.2 million for 2011, 2012, and 2013, respectively. In 2013, it had an operating profit of $15.2 million. And Some Things to Consider With a valuation of as much as $4.9 billion, it may seem as though the company is starting off a bit over-valued. However, it has been a hot IPO market this summer, with Go Pro going strong as well as Pollo Loco. Additionally, there has been strong interest which may indicate a strong IPO regardless. Additionally, there are some concerns that the company's headquarters of Jerusalem may be a problem given the escalation of violence in that area. However, I don't think that the political climate there will affect this company whatsoever. That being said, I'll leave you off with this The future of driving looks pretty cool doesn't it? Join the discussion here and let me know what you think of this company.