Innoviz Technologies Up After Increasing Forward-Looking Order Book by $4 Billion
May 2, 2022 By MarketDepth
Innoviz Technologies Ltd. (NASDAQ: INVZ) shares jumped more than 10% Monday after the provider of high-performance LiDAR sensors and perception software announced that one of the largest vehicle manufacturers in the world has selected Innoviz to become its direct LiDAR supplier across multiple brands. The selection, which is 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.
“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.”
Innoviz CEO and Co-Founder Omer Keilaf
Innoviz Technologies Ltd. previously announced a strategic partnership with LiDAR system supplier LiangDao Intelligence. The partnership will focus on deep collaboration and exploration of the customization of Innoviz’s LiDAR solutions for OEMs in the Chinese region, the development of perception solutions, and validation and data collection to accelerate the introduction of series production solutions of high-resolution LiDAR for the Chinese market, based on InnovizTwo.
