Innoviz Secures LiDAR Supplier Spot for Top Vehicle Maker, Expects Future Order Book to Rise by $4 to $6.6B

A leading global vehicle manufacturer has chosen Innoviz Technologies Ltd INVZ to become its direct LiDAR supplier across multiple brands. The name and detailed deal terms were not disclosed

Innoviz is a provider of high-performance LiDAR sensors and perception software.

What Happened? The selection marking Innoviz’s third major design win follows more than two years of extensive diligence and qualification and will increase Innoviz’s forward-looking order book by $4 billion to $6.6 billion.

Also Read: Here’s How Innoviz Fared In FY21

Why Does It Matter? Innoviz CEO and CoFounder Omer Keilaf said, “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 carmakers to follow this decision in their autonomous vehicle programs.” 

Price Action: INVZ shares closed higher by 10.1% at $4.04 on Friday.