Intel enters self-driving car race with Mobileye acquisition

Tim Herman/Intel Corporation

Intel says it is solidifying its aggressive push into the autonomous vehicle race with its $15 billion purchase of Mobileye.

Why it matters: On a call with reporters Tuesday, Intel CEO Brian Krzanich says that combining their resources will give it a major leg up for a market that's as big as $70 billion for hardware, software and services.

Mobileye co-founder Amnon Shashua, who will become Sr. Vice President at Intel, said Intel's new advantage is bringing a completely autonomous vehicle system under one umbrella, as opposed to the piecemeal approach other companies are pursuing.