Mobileye 1Q23: Cross-Read for Tesla FSD

What went wrong in Q1? Why does that matter for Tesla? What's the value of Tesla FSD when Mobileye's market cap is $30bn?

On April 27, 2023, MBLY 0.00%↑ reported their 1Q23 results. Revenues were $458m, up 16% YoY. Net loss widened to -$79m vs. -$60m vs. 1Q22. They reduced their 2023 guidance meaningfully, most importantly revenue by 6.5%. This was primarily driven by weak macro, particularly in the Chinese EV market. But interestingly, they referred directly to TSLA 0.00%↑‘s price cuts causing…