- Purchase order is part of advanced discussions for a new
series production award
- Several hundred unit order will see deliveries beginning Q2
2023
TEL
AVIV, Israel, April 5,
2023 /PRNewswire/ -- Innoviz Technologies
Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), Tier-1
direct supplier of high-performance, automotive grade LiDAR sensors
and perception software, today announced that it has received a
several hundred unit purchase order from a commercial vehicle
original equipment manufacturer (OEM) for its InnovizTwo LiDAR as
part of advanced discussions for a new series production
award. The order will be delivered to the customer throughout 2023,
beginning in the second quarter.
"We are extremely pleased to be selected by a commercial vehicle
OEM to power its fleet with our industry leading LiDAR. As a result
of our team's hard work, we have significantly improved InnovizTwo
manufacturing yields and output, allowing us to deliver higher
targeted volumes at a faster pace," said Omer Keilaf, Innoviz CEO
and Co-Founder. "The fact that the increased product availability
was quickly met with a large customer purchase order highlights the
strong demand for our InnovizTwo product."
Innoviz currently has four series production awards, including
major automotive platforms with Volkswagen, BMW, and an
Asia-based electric vehicle OEM,
along with a cutting-edge Level 4 autonomous shuttle program with a
leading Tier-1 automotive supplier. As discussions for this
new commercial vehicle platform are progressing, the Company
believes it has the potential to represent the Company's fifth
series production award and could be additive to the long-term
outlook.
This news follows Innoviz's recent announcement of its new
office and expanded team in Munich,
Germany. The increased European footprint offers proximity
to key customers and partners for greater collaboration and
execution, as well as for new business opportunities, such as this
new purchase order. The company expects additional ongoing benefits
from its growing global presence.
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.
Join the discussion: Facebook, LinkedIn, YouTube, Twitter
Media Contact
Media@innoviz-tech.com
Investor Contact
(US)
Rob
Moffatt
VP, Corporate Development &
IR
Innoviz
Technologies
+1 (203)
665-8644
Investors@innoviz-tech.com
Investor Contact (Israel)
Maya
Lustig
Director, Investor Relations
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 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. Many factors
could cause actual future events to differ materially from the
forward-looking statements in this announcement including but not
limited to, the ability to implement business plans, forecasts, and
other expectations, the ability to convert design wins into
definitive orders and the magnitude of such orders, the ability to
identify and realize additional opportunities, and potential
changes and developments in the highly competitive LiDAR technology
and related industries. The foregoing list is not exhaustive. 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 9, 2023
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.
Logo -
https://mma.prnewswire.com/media/1496323/Innoviz_Technologies_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/innovizs-second-generation-innoviztwo-lidar-selected-to-power-commercial-vehicle-oems-fleet-301790768.html
SOURCE Innoviz Technologies