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Why Mobileye Shares Rallied Today

TheMotleyFool

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Shares of self-driving technology company Mobileye (NASDAQ: MBLY) were on the rise on Tuesday, up as much as 13.6%, before settling into a 8% gain as of 2:54 p.m. ET.

Mobileye announced an upgraded collaboration with key customer (OTC: VWAGY), which will implement Mobileye's new Surround ADAS (advanced driver-assistance system) into Volkswagen's MBQ modular vehicle platform for future self-driving use cases.

Volkswagen is the second-largest automaker in the world, so the new announcement could perhaps signal the beginning of a recovery for Mobileye after a tough year.

Source Fool.com