Saturday, August 06, 2022 10:35:50 AM
5 Aug 2022
By MATT BROGAN
https://www.goauto.com.au/news/volkswagen/vw-signs-us4b-lidar-deal-with-innoviz-technologies/2022-08-05/88641.html
Autonomous driving technology to advance significantly across multiple Volkswagen brands
VOLKSWAGEN GROUP’S Cariad unit has signed a deal worth an estimated $US4 billion ($A6.7b) with Israel-based Innoviz Technologies for components, including laser-based lidar sensors, that will be used in advanced driver assistance systems and autonomous vehicles from the middle of this decade.
Cariad has confirmed the deal but has declined to provide financial details.
According to a report published by Reuters, the deal is estimated to be worth “more than seven times that of the value of the company (Innoviz Technologies) which has a listed market value of just over $US500 million ($A721.6m).
In a statement, Innoviz Technologies CEO and co-founder Omer Keliaf described the Cariad deal as a “significant catalyst” for his company which was founded in 2016 and went public via a reverse merger in April of 2021.
“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 Mr Keliaf.
“Cariad is a leading player in the transformation of the whole automotive space. We are proud to be part of their mission.”
The Volkswagen deal is the second major automotive partnership for Innoviz Technologies in the past four years. In 2018, it announced a partnership with Magna International to supply lidar components to German manufacturer BMW.
As with the VW contract, the financial details of the Magna International deal were not disclosed but were also reported to help the company to support technology based around forthcoming autonomous vehicle platforms.
The high-resolution lidar equipment developed by Innoviz Technologies generates a three-dimensional image of a vehicle’s surroundings in real time, even in settings such as direct sunlight, varying weather conditions, and in multi-lidar environments.
Cariad, which was established in 2020 to co-ordinate software development at Volkswagen, earlier this year announced technical partnerships with Bosch, Qualcomm and STMicroelectronics.
Reuters says it is not clear how or if Volkswagen plans to mesh aspects of the various deals under its broader autonomous vehicle strategy.
In early July, Cariad said it planned to streamline efforts to quicken the pace of software development after criticism from Volkswagen’s supervisory board.
In a statement this week, Cariad said Innoviz would supply lidar sensors for Cariad's uniform scalable future architecture, beginning mid-decade. The architecture will underpin numerous vehicles sold by multiple Volkswagen brands.
Recent INVZ News
- Innoviz Reports First-Quarter 2024 Results, Exceeds Revenue Guidance for Second Consecutive Quarter and Expands Key Partner and Customer Relationships • PR Newswire (US) • 05/08/2024 11:00:00 AM
- The Gross Law Firm Notifies Innoviz Technologies Ltd. Investors of a Class Action Lawsuit and Upcoming Deadline - INVZ • PR Newswire (US) • 05/07/2024 09:45:00 AM
- Innoviz Technologies Ltd. Sued for Securities Law Violations - Investors Should Contact The Gross Law Firm Before May 14, 2024 to Discuss Your Rights - INVZ • PR Newswire (US) • 05/03/2024 05:17:00 PM
- Shareholders that lost money on Innoviz Technologies Ltd.(INVZ) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/26/2024 09:45:00 AM
- Shareholders that lost money on Innoviz Technologies Ltd. (INVZ) Urged to Join Class Action - Contact The Gross Law Firm to Learn More • PR Newswire (US) • 04/26/2024 09:45:00 AM
- The Gross Law Firm Reminds Innoviz Technologies Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 04/19/2024 10:05:00 AM
- Innoviz Reaches a Key Milestone with Successful Winter Test of InnovizTwo LiDAR and AI-Powered Perception Software, Showcasing Significant Progress and New Opportunities • PR Newswire (US) • 04/18/2024 01:01:00 PM
- Innoviz Sets First Quarter 2024 Conference Call for Wednesday, May 8 at 9:00 a.m. ET • PR Newswire (US) • 04/17/2024 01:00:00 PM
- Contact The Gross Law Firm by May 14, 2024 Deadline to Join Class Action Against Innoviz Technologies Ltd. (INVZ) • PR Newswire (US) • 04/16/2024 09:55:00 AM
- Investors in Innoviz Technologies Ltd. Should Contact The Gross Law Firm Before May 14, 2024 to Discuss Your Rights - INVZ • PR Newswire (US) • 04/12/2024 09:45:00 AM
- May 14, 2024 Deadline: Contact The Gross Law Firm to Join Class Action Suit Against INVZ • PR Newswire (US) • 04/09/2024 10:15:00 AM
- Class Action Filed Against Innoviz Technologies Ltd. (INVZ) Seeking Recovery for Investors - Contact The Gross Law Firm • PR Newswire (US) • 04/05/2024 09:45:00 AM
- The Gross Law Firm Reminds Innoviz Technologies Ltd. Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 04/02/2024 09:45:00 AM
- Innoviz Technologies Ltd. Class Action: The Gross Law Firm Reminds Innoviz Technologies Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 14, 2024 - INVZ • PR Newswire (US) • 03/29/2024 09:45:00 AM
- The Gross Law Firm Notifies Shareholders of Innoviz Technologies Ltd.(INVZ) of a Class Action Lawsuit and an Upcoming Deadline • PR Newswire (US) • 03/26/2024 09:45:00 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/28/2024 09:08:32 PM
- Innoviz Reports Fourth Quarter and Full Year 2023 Results, Exceeding Revenue Guidance • PR Newswire (US) • 02/28/2024 12:00:00 PM
- Form 144 - Report of proposed sale of securities • Edgar (US Regulatory) • 02/28/2024 11:13:44 AM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/13/2024 02:49:43 PM
- Form SC 13G/A - Statement of acquisition of beneficial ownership by individuals: [Amend] • Edgar (US Regulatory) • 02/12/2024 08:36:33 PM
- Innoviz Attains IATF 16949:2016 Certification Demonstrating Commitment to the Automotive Industry's Quality Standards • PR Newswire (US) • 02/06/2024 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/31/2024 09:03:31 PM
- Innoviz Announces Operational Realignment to Expand Cash Runway and Optimize Path Towards Profitability and Free Cash Flow • PR Newswire (US) • 01/31/2024 02:00:00 PM
- Innoviz Sets Fourth Quarter and Full Year 2023 Conference Call for Wednesday, February 28 at 9:00 a.m. ET • PR Newswire (US) • 01/29/2024 02:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/08/2024 09:02:24 PM
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