Won’t reveal the name of the customer…until May 11?
Israel-based Innoviz Technologies [INVZ] announced this week that one of the world’s largest vehicle manufacturers has selected it to become its direct Lidar supplier across its automotive brands. The company’s customer, which may be revealed at a May 11 earning’s call, is said to have a 10 percent share of the global auto market.
Innoviz said the deal increases its forward-looking order book by $4 billion to $6.6 billion. The deal is Innoviz’sIsrael-based Innoviz Technologies [INVZ] announced this week that one of the world’s largest vehicle manufacturers has selected it to become its direct Lidar supplier across its automotive brands. The company’s customer, which may be revealed at a May 11 earning’s call, is said to have a 10 percent share of the global auto market. third major design win, coming after two years of qualification, the company said.
Overall, the worldwide Lidar market has failed to meet the lofty expectations in the past year or so, said business publication Seeking Alpha. Because many of the automotive production agreements don’t begin until 2025, which limits revenue potential, the stock market has to trust backlog totals—even when not a lot of information is available, Seeking Alpha said.
Speculation from trade press mentioned Volkswagen or Daimler as possible Innoviz dealmakers.
Founded in January 2016 by Omer Keilaf, Oren Rosenzweig, Oren Buskila, and Amit Steinberg, Innoviz completed its merger with Texas-based special purpose acquisition company (SPAC) Collective Growth Corporation at a $1.4 billion valuation in April 2021.
Last month, Innoviz partnered with system supplier LiangDao Intelligence to tailor the company’s Lidar solutions for OEMs in China.
