Innoviz jumps on huge Volkswagen sensors order

Innoviz will supply its new generation, advanced sensor called Innoviz 2 for installation in future models of Audi, Skoda, Seat, and Volkswagen vehicles.

Israeli lidar vehicle sensors Innoviz Technologies Ltd. (Nasdaq: INVZ) has reported that it has signed a strategic agreement with Volkswagen. The company said that it will supply lidar sensors to Volkswagen's CARIAD division, which is engaged in procuring, developing and installing advanced technology components in VW Group's vehicles.

Innoviz will supply its new generation, advanced sensor called Innoviz 2 for installation in future models of Audi, Skoda, Seat, and Volkswagen vehicles and additional brands in the group. This is Innoviz's third strategic deal and its first deal was with BMW.

With its third design win, Innoviz's forward-looking order book was updated to $6.6 billion.

Innoviz cofounder and CEO Omer Keilaf said, "We are thrilled to work with the CARIAD team and be a supplier of LiDAR sensors and perception software to support safe mobility for vehicles launching from the middle of the decade. CARIAD is a leading player in the transformation of the whole automotive space."

Innoviz's share price is up 20% on Nasdaq at $4.79, giving a market cap of $642.75 million.

Published by Globes, Israel business news - en.globes.co.il - on August 2 2022.

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

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