Shares of Mobileye Global rose 27% out of the gate in their trading debut, in one of the highest-profile and largest initial public offerings of the year. Intel automated car-driving unit initially traded at $26.71, above its IPO price of $21 a share. That gives Mobileye a valuation of more than $21 billion. The stock opened on the Nasdaq stock market a little before midday Wednesday, trading under the symbol MBLY. More than 3.5 million shares changed hands in the opening trade.

Intel is eyeing a significantly lower valuation than previously expected in the initial public offering of its Mobileye Global Inc. self-driving car unit, according to people familiar with the matter, in the latest sign of the beleaguered state of the new-issue market. Mobileye, which was originally expected to land a roughly $50 billion valuation, is now set to target one of under $20 billion and sell a smaller number of shares than originally planned, the people said. By selling fewer shares at a lower price, the company and its advisers are hoping to drum up interest that will push up the shares after they start trading, some of the people said. In another sign of the challenges facing the offering, Mobileye plans to launch its roadshow for prospective investors on Tuesday, a day later than anticipated. Intel last month filed publicly for an IPO of Mobileye and is expected to detail its new valuation expectations Tuesday.

Apple Inc. has moved its self-driving car unit under the leadership of top artificial intelligence executive John Giannandrea, who will oversee the company's continued work on an autonomous system that could eventually be used in its own car. The project, known as Titan, is run day-to-day by Doug Field. His team of hundreds of engineers have moved to Giannandrea's artificial intelligence and machine-learning group, according to people familiar with the change. An Apple spokesman declined to comment. Previously, Field reported to Bob Mansfield, Apple's former senior vice president of hardware engineering.

Uber's self-driving car unit has been valued at $7.3bn (£5.6bn), after receiving $1bn of investment by a consortium including Toyota and Saudi Arabia's sovereign wealth fund. With weeks to go until the loss-making San Francisco firm's stock market float, expected to value the company at up to $100bn, Uber said it had secured new financial backing for its plans to develop autonomous vehicles. Japanese carmakers Toyota and its compatriot Denso, a car parts supplier, will invest a combined $667m in Uber's Advanced Technologies Group (ATG). The remainder will come from Japanese conglomerate SoftBank's $100bn Vision Fund, whose largest investor is Saudi Arabia. Toyota and SoftBank are already major investors in Uber, with the latter owning 16%.

Uber had suspended its self-driving car business after one of its autonomous SUVs killed a pedestrian in Tempe, Arizona, in March. Uber quickly removed its robot cars from the road, laid off hundreds of test drivers and shuttered operations in Arizona, its autonomous testing hub.

Honda will work with GM Cruise LLC to develop a purpose-built driverless car from the ground up that can be manufactured in high volumes and deployed globally. The companies are also exploring opportunities to establish a network of autonomous vehicles. "This is a partnership that has a running start to it and will allow us to move very quickly," said Dan Ammann, GM's President. Honda will invest the $750 million immediately into GM Cruise, while the $2 billion will be spread out over 12 years, the companies said Wednesday. Honda will take a 5.7% stake in Cruise as a result.

Google's driverless taxis will soon take to the streets after being given the green light in Arizona. Waymo, parent firm Alphabet's self-driving car unit, will launch a commercial ride hailing service similar to Uber's, using the automated technology. Its first publicly-available service is expected to be unveiled in Phoenix later this year after the state gave the plans the go-ahead. Google's driverless taxis will soon take to the streets after being given the green light in Arizona. Waymo, parent firm Alphabet's self-driving car unit, will launch a commercial ride hailing service similar to Uber's using the automated technology The launch comes after Arizona's department of transportation approved Waymo's application to become a transportation network company.

In the latest hearing in the Uber vs. Waymo lawsuit on Wednesday, San Francisco district judge William Alsup addressed Uber's complaint that Google co-founder Sergey Brin is trying to avoid deposition. Alsup said, "you go back and tell that guy he better show up," after voicing frustration at Alphabet executives claiming they are "too busy." Brin is currently the president of Alphabet, the holding company that includes both Google and Waymo, the self-driving car unit that was spun out of Google. Alsup also said Anthony Levandowski, the engineer at the center of the dispute, could be called to testify in court even though he has previously pleaded the fifth. Alsup also said that all questions by Uber and Waymo would be reviewed in advance and must have evidence backing them.

Uber has fired the head of its self-driving car unit, Anthony Levandowski, amid the continuing fallout from the engineer's alleged theft of trade secrets from his former employer, Google. The termination, which was first reported by the New York Times, comes three months after Levandowksi was accused of stealing 14,000 internal documents from Google's self-driving car spinoff, Waymo, and taking them to Uber. Waymo sued Uber in February, alleging that the ride-hail company was using the stolen documents to advance its lidar technology, and the case between the two Silicon Valley firms is set to go to trial in October. Uber has denied any wrongdoing, but Levandowski has invoked his fifth amendment right against self-incrimination. He has refused to turn over any documents or answer questions during a deposition.

Alphabet's self-driving car unit, Waymo, could be worth $70 billion. A link has been sent to your friend's email address. A link has been posted to your Facebook feed. Alphabet's self-driving car unit, Waymo, could be worth $70 billion.