Aeva Selected by Top Global Automotive OEM to Directly Supply LiDAR for its Series Production Program
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The announcement by Aeva regarding its selection as a Tier 1 LiDAR supplier signifies a notable shift in the automotive sensing market. The transition from 3D Time-of-Flight to 4D LiDAR technology by a leading automotive OEM underscores the industry's evolution towards more advanced sensing solutions. This move is likely to have a ripple effect, prompting competitors to also seek enhancements in their sensor technology to maintain market parity.
From a market perspective, Aeva's partnership with a top global automotive OEM could lead to increased market share and revenue growth. This strategic relationship not only validates Aeva's technology but also potentially sets a new industry standard for sensing technology in vehicles. Investors should monitor the company's ability to scale production and maintain quality standards, as these factors will be critical in determining Aeva's long-term success in this partnership.
The financial implications of Aeva's production win are multi-faceted. In the short term, investors can expect Aeva's stock to react positively to this news, as securing a contract with a top automotive OEM is a strong indicator of the company's competitive position and future revenue streams. The long-term benefits include potential steady income from the OEM and possibly other deals following suit, given the industry's tendency to follow leaders.
However, investors should also be aware of the capital expenditures and operational costs associated with ramping up to meet the demands of a Tier 1 supplier. It is crucial to analyze Aeva's balance sheet and cash flow statements in subsequent quarters to assess the company's financial health and its ability to invest in capacity expansion without overly diluting shareholder value.
Aeva's adoption by a leading OEM as a Tier 1 supplier marks a significant endorsement for Frequency-Modulated Continuous Wave (FMCW) technology over traditional 3D Time-of-Flight systems. FMCW technology offers advantages such as higher resolution and velocity measurement, which are critical for autonomous driving applications. The automotive industry is increasingly focusing on LiDAR technology as a key enabler of advanced driver-assistance systems (ADAS) and autonomous vehicles and Aeva's win could catalyze further adoption of FMCW LiDAR across the sector.
As OEMs continue to integrate more sophisticated ADAS features, suppliers like Aeva that can provide advanced solutions with proven scalability and reliability stand to benefit. The industry should watch how competitors respond to this development and whether it leads to further technological advancements or strategic partnerships.
Aeva 4D LiDAR Replaces Incumbent 3D Time-of-Flight Long-Range LiDAR
Aeva Transitions to Become a Direct Tier 1 Supplier to Automotive OEMs Globally
“This win is a defining moment for Aeva and the larger automated driving industry, as it represents one of the largest production design wins with an OEM transitioning to FMCW technology, and is Aeva’s first major production win with a top global automotive OEM,” said Soroush Salehian, Co-Founder and CEO at Aeva. “This is the culmination of multiple years of diligent effort by the Aeva team and extensive collaboration and qualification of our 4D LiDAR in the automotive industry, and we look forward to sharing more about the significance of this program in the coming weeks.”
The multi-year production program is expected to generate revenues starting in first quarter of 2024 with production ramp by mid-decade.
Aeva expects to reveal more details together with the OEM regarding this major win in early 2024.
About Aeva Technologies, Inc. (NYSE: AEVA)
Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on X or LinkedIn.
Aeva, the Aeva logo, Aeva 4D LiDAR, Aeries, and Aeva Ultra Resolution are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.
Forward looking statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. These forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Forward-looking statements in this press release include, but are not limited to the timing of revenue and production ramp with a top global automotive OEM, relationship to the OEM as a Tier 1 supplier and the timing of additional information about the major automotive win. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products, (v) the ability to manufacture at volumes and costs needed for commercial programs and (vi) other material risks and other important factors that could affect our financial results. Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Aeva assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise. Aeva does not give any assurance that it will achieve its expectations.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240103064362/en/
Media:
Michael Oldenburg
press@aeva.ai
Investors:
Andrew Fung
investors@aeva.ai
Source: Aeva Technologies, Inc.
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