Selection Represents Innoviz's Fourth Major Design Win and
Second Nomination for Series Production of Passenger Vehicles as a
Direct Supplier
TEL
AVIV, Israel, Sept. 8,
2022 /PRNewswire/ -- Innoviz Technologies Ltd.
(NASDAQ: INVZ) (the "Company" or "Innoviz"), a leading provider of
high-performance LiDAR sensors and perception software, today
announced that one of the leading Asia-based automotive OEMs has selected the
Company to serve as its direct LiDAR supplier for series production
passenger vehicles. Innoviz will supply InnovizTwo LiDAR sensor to
position vehicles to upgrade to full L3 Automation.
The partnership is expected to generate revenues during fiscal
year 2024.
"With this selection, we are continuing our momentum and further
demonstrating Innoviz's capabilities as a Tier 1 supplier to the
world's leading car makers and expanding to additional
geographies," said Innoviz CEO and Co-Founder Omer Keilaf. "We are proud of the significant
progress we have made, particularly in recent months, and well
positioned to further strengthen and solidify our position as a
leading supplier for autonomous vehicles. We look forward to
supporting this new program with a fully featured solution for all
levels of autonomous driving, paving the path to full L3
automation."
The selection represents Innoviz's fourth major design win and
second nomination for series production of passenger vehicles as a
direct supplier, and follows Innoviz's recently announced
partnership with Volkswagen, through which Innoviz will work
directly with Cariad SE, Volkswagen's automotive software company,
to integrate the Company's technology into upcoming Volkswagen
vehicles.
About Innoviz Technologies
Innoviz is a
global leader in LiDAR technology, working towards a future with
safe autonomous vehicles on the world's roads. Innoviz's LiDAR and
perception software "see" better than a human driver and reduce the
possibility of error, meeting the automotive industry's strictest
expectations for performance and safety. Operating across the U.S.,
Europe, and Asia, Innoviz has been selected by
internationally recognized premium car brands for use in consumer
vehicles as well as by other commercial and industrial leaders for
a wide range of use cases. For more information, visit
innoviz-tech.com
Media Contact
Media@innoviz-tech.com
Investor Contact
Maya
Lustig
Innoviz Technologies
+972 54 677 8100
Investors@innoviz-tech.com
Forward Looking Statements
This announcement contains certain forward-looking statements
within the meaning of the federal securities laws, including
statements regarding the services offered by Innoviz, the
anticipated technological capability of Innoviz's products, the
markets in which Innoviz operates, future collaborations with third
parties, Innoviz's forward-looking order book and Innoviz's
projected future results. These forward-looking statements
generally are identified by the words "believe," "project,"
"expect," "anticipate," "estimate," "intend," "strategy," "future,"
"opportunity," "plan," "may," "should," "will," "would," "will be,"
"will continue," "will likely result," and similar expressions.
Forward-looking statements are predictions, projections and other
statements about future events that are based on current
expectations and assumptions and, as a result, are subject to risks
and uncertainties, including, in the case of this fourth design
win, the risk that definitive agreements remain to be finalized
between the parties. You should carefully consider such risk and
the other risks and uncertainties described in Innoviz's annual
report on Form 20-F filed with the SEC on March 30, 2022 and other documents filed by
Innoviz from time to time with the SEC. These filings identify and
address other important risks and uncertainties that could cause
actual events and results to differ materially from those contained
in the forward-looking statements. Forward-looking statements speak
only as of the date they are made. Readers are cautioned not to put
undue reliance on forward-looking statements, and Innoviz assumes
no obligation and does not intend to update or revise these
forward-looking statements, whether as a result of new information,
future events, or otherwise. Innoviz gives no assurance that it
will achieve its expectations.
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SOURCE Innoviz Technologies