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After teaming up with various companies, including auto makers, to develop and promote solutions for autonomous vehicles, it's now taking things to the next level by acquiring Mobileye. Intel Senior Vice President Doug Davis will also report to Shashua and oversee the combined organisation's engagement across Intel's business groups. The Israeli company now utilizes STM chips for the products it provides auto manufacturers with.

If approved by regulators, Intel's acquisition of Mobileye is expected to close sometime later this year.

Last summer, BMW announced it would work with Intel and Mobileye to bring self-driving cars to mass production by 2021. Caruso past year formed a Strategic Development and Innovations division focused on new technologies such as driverless cars, beacons and sensors with the company's Palisades Village project expected to be an incubator of new technology.

The technology that Intel and MobilEye are working on won't just be limited to BMW cars, though.

Based in Israel, Mobileye was founded in 1999 and has since provided sensors, processing hardware, and software to automakers so that their cars can sense the world around them. It is an approach Intel has also used for virtual reality technology.

Intel believes the automotive opportunity, or the "vehicle systems, data and services market" as it puts it, to be worth $70 billion by 2030.

However, the transaction is unique in the sense that instead of Mobileye being integrated into Intel like a typical acquisition, "Intel's Automated Driving Group will be integrated into Mobileye", says Ziv Aviram, the company's cofounder, president and CEO, in a March 13 email to employees.

Intel expects the union to "accelerate innovation for the automotive industry and position Intel as a leading technology provider in the fast-growing market for highly and fully autonomous vehicles", according to the statement.

While Intel is still the world's largest chip maker for personal computers and data centers, the company arguably got beat in the mobile chipset industry, which is now dominated by companies like Apple, Samsung, and Qualcomm.

In January Shashua said: "If you want to build a truly autonomous vehicle, this is a task for more than one player".

"The deal dramatically proves that the vision which we are leading is being realized", said Prime Minister Benjamin Netanyahu.