(Reuters) - Mobileye Global (NASDAQ:MBLY) lowered the upper end of its annual revenue forecast on Thursday, in a sign that slowing electric-vehicle production is likely to weigh on demand for its driver-assistance technology.
Automakers such as Tesla (NASDAQ:TSLA), General Motors (NYSE:GM) and Ford have turned cautious about expanding their EV production capacity amid risks of a slowdown in demand due to higher borrowing costs and growing economic uncertainties.
This, in turn, may hurt Mobileye, a supplier for EV makers such as Polestar (NASDAQ:PSNY).
The Israel-based firm expects full-year revenue to be between $2.07 billion and $2.09 billion, compared with its earlier forecast of $2.07 billion to $2.11 billion.
Mobileye, which also counts prominent automakers such as Volkswagen (ETR:VOWG_p) and Porsche (ETR:P911_p) as its customers, reported revenue of $530 million for the third quarter, compared with analysts' average estimate of $527.8 million, according to LSEG data.