CARIAD SE Selects Innoviz as Direct LiDAR Supplier for the Segment of Automated Vehicles Within the Volkswagen Brands
Rhea-AI Summary
Innoviz Technologies announced its selection by CARIAD SE to supply InnovizTwo LiDAR sensors and perception software for advanced driver assist systems (ADAS) in automated vehicles. This marks Innoviz's third design win with a major automaker and its first as a Tier-1 supplier. The deal increases Innoviz's forward-looking order book to $6.6 billion, indicating strong demand for its technology. CEO Omer Keilaf expressed enthusiasm about collaborating with CARIAD, aiming to enhance vehicle safety and support the industry's advancements.
Positive
- Innoviz received a Tier-1 supplier contract from CARIAD, a significant automotive player.
- The forward-looking order book increased to $6.6 billion, reflecting strong market demand.
Negative
- None.
News Market Reaction – INVZ
On the day this news was published, INVZ gained 18.25%, reflecting a significant positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
Innoviz will provide InnovizTwo LiDAR sensors and perception software
- LiDARs are a critical element of advanced driver assist systems (ADAS) and autonomous vehicles (AVs). CARIAD selected Innoviz to be its supplier and deliverer of advanced ADAS features for the segment of automated vehicles within the Volkswagen brands.
- CARIAD selected the InnovizTwo next-generation LiDAR sensor and perception software.
- This is Innoviz's third design win with a major automaker and first deal as a Tier-1 supplier.
TEL AVIV, Israel, Aug. 2, 2022 /PRNewswire/ -- Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz") announced today that its recent design win is with CARIAD SE.
"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," said Innoviz CEO and Co-Founder, Omer Keilaf. "CARIAD is a leading player in the transformation of the whole automotive space. We are proud to be part of their mission."
With its third design win, Innoviz's forward-looking order book was updated to
Footage of InnovizTwo LiDAR performance can be found here.
About Innoviz Technologies
Innoviz is a global leader in LiDAR technology, working towards a future with safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception software "see" better than a human driver and reduce the possibility of error, meeting the automotive industry's strictest expectations for performance and safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected by internationally-recognized premium car brands for use in consumer vehicles as well as by other commercial and industrial leaders for a wide range of use cases. For more information, visit innoviz-tech.com.
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Forward Looking Statements
This announcement contains certain forward-looking statements within the meaning of the federal securities laws, including statements regarding the services offered by Innoviz, the anticipated technological capability of Innoviz's products, the markets in which Innoviz operates, Innoviz's forward-looking order book, and Innoviz's projected future results. 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 order book" is the cumulative projected future sales of hardware and perception software based on current estimates of volumes and pricing relating to a project. Many factors could cause actual future events, and, in the case of our forward-looking order book, actual orders, to differ materially from the forward-looking statements in this announcement, including but not limited to, the ability to implement business plans, forecasts, and other expectations, the ability to convert design wins into definitive orders and the magnitude of such orders, the ability to identify and realize additional opportunities, and potential changes and developments in the highly competitive LiDAR technology and related industries. The foregoing list of factors is not exhaustive. You should carefully consider the foregoing factors and the other risks and uncertainties described in Innoviz's annual report on Form 20-F filed with the SEC on March 30, 2022 and other documents filed by Innoviz from time to time with the SEC. 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 Innoviz 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. Innoviz gives no assurance that it will achieve its expectations.
Video - https://www.youtube.com/watch?v=Hwi8wTTcnGM
Photo - https://mma.prnewswire.com/media/1870732/Omer_Keilaf.jpg
Photo - https://mma.prnewswire.com/media/1870733/Innoviz_VW_Design.jpg
Logo - https://mma.prnewswire.com/media/1496323/Innoviz_Technologies_Logo.jpg
Media Contact
media@innoviz-tech.com
Investor Contact
Maya Lustig
Innoviz Technologies
+972 54 677 8100
investors@innoviz-tech.com
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SOURCE Innoviz Technologies
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