Carmaker selects Innoviz for $4b laser sensor deal

Innoviz founders Credit: David Garb - Innoviz Spokesperson

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

Israeli laser (LiDAR) sensor developer Innoviz Technologies Ltd. (Nasdaq: INVZ) announced today that one of the world's largest vehicle manufacturers has selected the company to become its direct LiDAR supplier across multiple brands. Innoviz said that the deal will increase Innoviz's forward-looking order book by $4 billion to $6.6 billion.

This is the third major such deal that Innoviz has won after overcoming all its main rivals in the tender. The company will supply the sensors directly to the carmaker rather than through a Tier 1 supplier.

Market sources believe that the deal is with Volkswagen, although there is no official corroboration of this. Volkswagen has been managing a tender process over the past two years for the supply of LiDAR laser sensors for its next generation cars and no results have yet been published. Daimler is also managing a tender process for LiDAR laser sensors.

Innoviz cofounder and CEO Omer Keilaf said, "We are proud to deliver our outstanding 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 maker is a significant catalyst for Innoviz and we expect this will affect the entire industry which has been waiting for a decision of this magnitude. We are expecting the scope of this deal to grow even further as additional car brands within the group adopt our platform. In addition, we anticipate more car makers to follow this decision in their autonomous vehicle programs."

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

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

Innoviz founders Credit: David Garb - Innoviz Spokesperson
Innoviz founders Credit: David Garb - Innoviz Spokesperson
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