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Israeli start-up Innoviz Technologies, self-driving cars sensors producer, secured a contract to supply sensors and perception software to Volkswagen in a deal worth about $4 billion.
Innoviz makes LiDAR (light detection and ranging) sensors that provide accurate images of the vehicles’ surroundings through object detection, classification and tracking at long distances. LiDARs are a critical element of advanced driver assistance systems (ADAS) and autonomous vehicles (AVs).
Under the deal, Innoviz will provide LiDAR technology and software to VW’s autonomous vehicles unit called CARIAD starting in 2025. According to CNBC, Innoviz expects to supply between 5-8 million LiDAR units across multiple brands within the Volkswagen Group over an eight-year period,
Innoviz also has a separate deal with Samsung Electronics’s Harman International Industries to sell Innoviz’s solutions to car manufacturers globally.
Innoviz completed a SPAC merger with US company Collective Growth Corporation last year, allowing it to list on the Nasdaq. The company’s shares went up 19% following the announced deal with VW.
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