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- Intel (NASDAQ:INTC) is getting ready to close down its automotive unit and lay off the majority of the employees who work in the unit, The Oregonian/OregonLive reported.
- “Intel plans to wind down the Intel architecture automotive business,” the semiconductor company said in a memo viewed by the news outlet. The memo added that Intel will fulfill existing commitments to customers.
- Intel did not immediately respond to a request for comment from Seeking Alpha.
- Santa Clara, Calif.-based Intel does not break out revenue from its automotive business, but the company does still hold a stake in Mobileye (MBLY) after spinning off a portion of the company in an initial public offering in October 2022. In its most quarterly results, Intel generated $900M in revenue from its All Other segment, which includes Mobileye.
- Intel shares fell fractionally in early trading on Wednesday.