Major European Passenger OEM Selects Aeva for Automated Vehicle Validation Program

Rhea-AI Summary

Aeva, a leader in next-generation sensing and perception systems, has announced that a major European passenger vehicle OEM, in collaboration with a simulation and validation technology leader, will use Aeva's 4D LiDAR technology in its automated vehicle development program. Aeva's Aeries™ II sensors will gather ground truth data, considered the "gold standard" in environmental modeling, to validate the OEM's next-generation vehicle automation systems.

This validation program demonstrates growing interest in Aeva's FMCW technology, which is unique in its ability to simultaneously detect precise range and velocity at long ranges. The technology enables easy separation of static and dynamic scenes in point cloud data, helping automated driving systems quickly identify and distinguish static objects from dynamic ones. This program is in addition to Aeva's other ongoing automotive opportunities, including previously disclosed production RFQs with Global Top 10 Passenger OEMs.

Positive

• Major European passenger vehicle OEM selects Aeva's 4D LiDAR technology for automated vehicle validation program
• Aeva's technology to be used as "gold standard" for validating next-generation vehicle automation systems
• Growing interest in Aeva's FMCW technology, indicating potential for future adoption
• Ongoing automotive opportunities including production RFQs with Global Top 10 Passenger OEMs

Negative

• None.

Insights

Automotive Technology Analyst

This announcement highlights Aeva's progress in the competitive automotive LiDAR market. The selection by a major European OEM for automated vehicle validation is a significant vote of confidence in Aeva's 4D LiDAR technology. Key points:

• Aeva's sensors will be used as the "gold standard" for validating next-gen automation systems, demonstrating their superior accuracy and capabilities.
• The instant velocity data provided by Aeva's FMCW technology is a key differentiator from conventional LiDAR, offering enhanced object detection and classification.
• This program is in addition to existing RFQs with top OEMs, indicating growing industry interest in Aeva's technology.

While not a direct production contract, this validation program could pave the way for future commercial adoption. Investors should monitor Aeva's progress in converting such opportunities into revenue-generating deals. The company's ability to attract major OEMs suggests strong long-term potential in the evolving autonomous vehicle market.

Market Research Analyst

This development positions Aeva favorably in the rapidly evolving automotive LiDAR market:

• The global automotive LiDAR market is projected to grow from $1.83 billion in 2023 to $6.71 billion by 2030, at a CAGR of 20.4%.
• Aeva's selection by a major European OEM enhances its market credibility and could lead to increased interest from other manufacturers.
• The company's FMCW technology addresses key challenges in autonomous driving, particularly in object detection and classification.

However, investors should note that Aeva faces stiff competition from established players like Velodyne and Luminar. The company's current market cap of $177 million reflects its early-stage status. While this announcement is positive, Aeva needs to secure production contracts and demonstrate revenue growth to justify a higher valuation. The automotive industry's long development cycles mean that significant financial impact may take time to materialize.

Aeva’s 4D LiDAR Technology with Instant Velocity Data to be Used as “Gold Standard” to Validate Next-generation Vehicle Automation Systems

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Aeva^® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced that a major European passenger vehicle OEM, together with a simulation and validation technology leader, will use Aeva’s 4D LiDAR technology in its automated vehicle development program. Aeva’s Aeries™ II sensors will gather ground truth data, considered to be the “gold standard” in environmental modeling, to provide the OEM with accurate data to validate its next-generation vehicle automation systems. This new validation program points to the growing interest for adoption of Aeva’s FMCW technology and is in addition to Aeva’s other ongoing automotive opportunities including previously disclosed production RFQs with Global Top 10 Passenger OEMs.

(Photo: Business Wire)

Aeva’s unique FMCW technology is being incorporated into the OEM’s vehicle automation projects in collaboration with a leading simulation and validation technology provider. For the validation program, vehicles equipped with Aeva 4D LiDAR™ sensors will gather precise data of the environment around the vehicle. The data will serve as the benchmark for validating its next-generation vehicle automation systems including sensing, perception, decision-making, and control systems.

“As automation advances across consumer vehicle manufacturers, we are seeing increased interest in next-generation sensor technology like Aeva 4D LiDAR due to its ability to natively provide an additional dimension of instant velocity data that is missing in conventional LiDAR sensors,” said James Byun, Managing Director of Business Development at Aeva. “This OEM’s adoption of Aeva 4D LiDAR for their validation project is another datapoint demonstrating the industry’s transition toward FMCW-based sensing and shows the OEM’s commitment to using advanced sensor and perception technologies as they develop their next-generation of automated vehicles. We look forward to supporting them to bring safe automated vehicles to the market.”

Aeva 4D LiDAR sensors can simultaneously detect precise range and velocity at long ranges. Leveraging the instant velocity channel, point cloud data from Aeva’s sensors can be easily separated into static and dynamic scenes. This separation helps the automated driving system quickly identify and distinguish static objects like drivable road boundaries, lane markings, and road signs from dynamic objects like moving vehicles, especially those that are smaller, such as pedestrians or motorcyclists.

About Aeva Technologies, Inc. (NYSE: AEVA)

Aeva’s mission is to bring the next wave of perception to a broad range of applications from automated driving to industrial robotics, consumer electronics, consumer health, security and beyond. Aeva is transforming autonomy with its groundbreaking sensing and perception technology that integrates all key LiDAR components onto a silicon photonics chip in a compact module. Aeva 4D LiDAR sensors uniquely detect instant velocity in addition to 3D position, allowing autonomous devices like vehicles and robots to make more intelligent and safe decisions. For more information, visit www.aeva.com, or connect with us on Twitter or LinkedIn.

Aeva, the Aeva logo, 4D LiDAR, Aeries, Ultra Resolution, 4D Perception, and 4D Localization are trademarks/registered trademarks of Aeva, Inc. All rights reserved. Third-party trademarks are the property of their respective owners.

Forward looking statements

This press release contains certain forward-looking statements within the meaning of the federal securities laws. 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. Forward-looking statements in this press release include our beliefs regarding features and performance of our products, ongoing and future development projects, ongoing and future RFQs, including timing, and industry adoption of FMCW technologies. Many factors could cause actual future events to differ materially from the forward-looking statements in this press release, including, but not limited to: (i) the fact that Aeva is an early stage company with a history of operating losses and may never achieve profitability, (ii) Aeva’s limited operating history, (iii) the ability to implement business plans, forecasts, and other expectations and to identify and realize additional opportunities, (iv) the ability for Aeva to have its products selected for inclusion in OEM products, (v) the fact that decisions with respect to RFQs are inherently uncertain, and that awarded RFQs may never result in material future revenues, (vi) the fact that development projects nay never achieve commercial production or otherwise result in substantial revenues, and (vii) other material risks and other important factors that could affect our financial results, which are further described in the documents we file with the SEC. Please refer to our filings with the SEC, including our most recent Form 10-Q and Form 10-K. 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 Aeva 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. Aeva does not give any assurance that it will achieve its expectations.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241008833308/en/

Media:

Michael Oldenburg

press@aeva.ai

Investors:

Andrew Fung

investors@aeva.ai

Source: Aeva Technologies, Inc.

FAQ

What is Aeva's 4D LiDAR technology being used for by the European OEM?

Aeva's 4D LiDAR technology is being used by a major European passenger vehicle OEM for gathering ground truth data to validate next-generation vehicle automation systems in their automated vehicle development program.

How does Aeva's FMCW technology differ from conventional LiDAR sensors?

Aeva's FMCW technology can simultaneously detect precise range and velocity at long ranges, providing an additional dimension of instant velocity data that is missing in conventional LiDAR sensors.

What advantages does Aeva's 4D LiDAR offer for automated driving systems?

Aeva's 4D LiDAR allows for easy separation of static and dynamic scenes in point cloud data, helping automated driving systems quickly identify and distinguish static objects like road boundaries from dynamic objects like moving vehicles or pedestrians.

Is this the only automotive opportunity for Aeva (AEVA)?

No, this validation program is in addition to Aeva's other ongoing automotive opportunities, including previously disclosed production RFQs with Global Top 10 Passenger OEMs.