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The carmaker chooses Innoviz for a $ 4 billion laser sensor deal

Market sources believe that Volkswagen has chosen Innoviz to supply its next generation of cars with LiDAR) sensors.

The Israeli laser (LiDAR) sensor developer Innoviz Technologies Ltd. (Nasdaq: INVZ) announced today that one of the world’s largest automakers has chosen the company to become its direct cross-brand LiDAR supplier. Innoviz said the deal will increase Innoviz’s forward order book by $ 4 billion to $ 6.6 billion.

This is the third major such deal that Innoviz has won after defeating all of its key rivals in the offering. The company will supply the sensors directly to the car manufacturer instead of through a Tier 1 supplier.

Market sources believe that the agreement is with Volkswagen, although there is no official confirmation of this. Volkswagen has managed a tender process over the last two years for the delivery of LiDAR laser sensors for their next generation of cars, and no results have yet been announced. Daimler is also leading a tender process for LiDAR laser sensors.

Innoviz co-founder and CEO Omer Keilaf said: “We are proud to deliver our unique InnovizTwo LiDAR and perception software as the direct supplier to support this new series production program. Being selected by a large-scale multi-brand global vehicle manufacturer is a significant catalyst. for Innoviz, and we expect this to affect the entire industry, which has been awaiting a decision of this magnitude, and we expect the scope of this agreement to grow further as additional automotive brands within the Group take up our platform. we expect more car manufacturers to follow this decision in their autonomous vehicle programs. “

Published by Globes, Israel business news – – on May 2, 2022.

© Copyright by Globes Publisher Itonut (1983) Ltd., 2022.

Innoviz founders Credit: David Garb - Innoviz spokesman

Innoviz founders Credit: David Garb – Innoviz spokesman

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