Shares of driverless technology company Mobileye (MBLY Quick QuoteMBLY - Free Report) gained over 11% in morning trading Thursday after reports surfaced that it would be teaming up with Intel (INTC Quick QuoteINTC - Free Report) and BMW (BAMXF Quick QuoteBAMXF - Free Report) to work on self-driving cars.

Mobileye announced this morning that it would be holding a press conference on Friday at 10 a.m. EST. Although the specifics of the press conference have yet to be officially announced, the Israel-based company did say that BMW CEO Harald Krueger and Intel CEO Brian Krzanich would be in attendance, along with Mobileye CEO Amnon Shashua.

According to a report by Reuters, a source familiar with the matter said that the companies will announce an alliance at the press conference. The new partnership will likely focus on incorporating Mobileye technology that will strengthen the ability of self-driving cars.

Earlier this month, BMW announced that it would be overhauling its research and development side of the business to focus on autonomous vehicles. The German automaker is also planning on releasing a new flagship car with self-driving abilities by 2021.

Analyst Arndt Ellinghorst from Evercore released a note suggesting that Intel’s role in the partnership would be to “provide the (central processor unit) needed at the vehicle level, the computer that coordinates the myriad components of the car, in combination with Mobileye’s software.”

As of right now, Mobileye is the top supplier of camera-based sensors used in automated driving systems, and its technology includes the ability to change lanes and detect obstacles like other cars and pedestrians. The company is expected to be working on expanding its capabilities to include mapping and further automated maneuvers.

Shares of Intel gained about 1.5% while BMW stock slipped about 0.5% this morning.

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