NEW YORK (TheStreet) -- The Secretary of Transportation Anthony Foxx said the Department of Transportation will develop standards on which self-driving vehicles will be assessed to assure their safety, CNBC's Phil LeBeau reported on "Closing Bell" Friday.
This comes after the developer of computer vision and machine learning Mobileye (MBLY) announced today that it is teaming up with BMW and Intel (INTC) to begin making self-driving cars by 2021, and as Tesla Motors (TSLA) comes under investigation for a fatal car crash in which the driver was using its "autopilot" function.
"They're looking at these (standards) and they're hoping to come up with some later this year," Foxx stated, according to LeBeau. The department's key issue will be to create standards focused on safety, as well as security of these systems.
Lebeau doesn't predict that companies will shy away from developing driver-less cars due to the Tesla incident, pointing to today's announcement by Mobileye.
"A lot of people are saying 'is this the end of the talk about self-driving cars? No, not even close. We are going to see these coming in the future. The question is when," LeBeau commented.
Shares of Mobileye are gaining by 2.02% to $47.07 late this afternoon.
Separately, TheStreet Ratings rated Mobileye as a "hold" with a score of C-.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
The primary factors that have impacted our rating are mixed. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and notable return on equity.
However, as a counter to these strengths, TheStreet Ratings also finds weaknesses including a generally disappointing performance in the stock itself and premium valuation.
You can view the full analysis from the report here: MBLY