May Mobility Selects Aeva as Exclusive Production Supplier of Long-Range LiDAR

Rhea-AI Summary

AEVA: May Mobility Selects Aeva as Exclusive Supplier of Long-Range LiDAR Sensors in Multi-Year Production Supply Agreement, Signaling Broadest Deployment of 4D LiDAR in the Industry

Positive

• Aeva's 4D LiDAR technology is expected to enable May Mobility to expand its operational design domain, broadening service areas and reaching new populations of riders.
• The multi-year supply agreement with May Mobility provides 5-year volume commitments through 2028, with delivery starting this year and production ramping in 2025.

Negative

• None.

Aeva 4D LiDAR Replaces Conventional Long-Range LiDAR Technology in Multi-year Production Supply Agreement

MOUNTAIN VIEW, Calif. & ANN ARBOR, Mich.--(BUSINESS WIRE)-- Aeva® (NYSE: AEVA), a leader in next-generation sensing and perception systems, today announced that May Mobility, a leader in the development and deployment of autonomous vehicle (AV) technology, has selected Aeva to be the exclusive supplier of long-range LiDAR sensors for May Mobility’s autonomous vehicles globally. The multi-year supply agreement provides 5-year volume commitments through 2028, with delivery starting this year and production ramping in 2025.

A May Mobility autonomous vehicle equipped with Aeva 4D LiDAR. Rendering for illustration purposes. (Graphic: Business Wire)

May Mobility uses its proprietary Multi-Policy Decision Making (MPDM) technology to make transportation more safe, sustainable, accessible and equitable for everyone with services across the U.S. and Japan and has key strategic partnerships with some of the world’s largest and most innovative automotive and transportation companies including Toyota Motor Corporation. May Mobility has provided more than 350,000 rides using its autonomous technology, most of which have been provided using the Toyota Sienna Autono-MaaS vehicle platform.

“May Mobility is championing an autonomous transit model that is safer, greener and more accessible and their decision to adopt Aeva’s technology validates the trend we’re seeing in the industry to transition toward next-generation 4D LiDAR technology,” said Soroush Salehian, Co-Founder and CEO at Aeva. “This multi-year production win signals one of the broadest deployments of 4D LiDAR in the industry and is a significant validation for the maturity and reliability of our Aeries II sensors as we scale to meet the growing demand from automotive customers.”

With its unique ability to detect both range and velocity simultaneously at a maximum range of up to 500 meters, and immunity to interference and retroreflector blooming, Aeva’s 4D LiDAR technology is expected to enable May Mobility to expand its operational design domain to help broaden its service areas and reach new populations of riders. Current operations include transit programs in Ann Arbor, MI; Arlington, TX; Grand Rapids, MN; and Sun City, AZ, with additional deployments planned to begin in 2024.

“Aeva’s long-range 4D LiDAR technology provides unique and exciting new capabilities for our autonomous stack and aligns well with our technology and commercialization roadmap,” said Edwin Olson, Co-Founder and CEO at May Mobility. “We’re thrilled to partner with Aeva on our mission to reimagine transportation by developing and deploying autonomous vehicles that get people where they need to go safely and easily.”

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 X or LinkedIn.

About May Mobility

May Mobility develops autonomous vehicle (AV) technology and deploys fleets of vehicles to municipal and business customers. Its proprietary Multi-Policy Decision Making (MPDM) system is at the core of its mission to help make cities safer, greener and more accessible. MPDM’s proven track record has delivered more than 350,000 autonomy-enabled rides to date in several public transit applications across the U.S. and Japan. With key strategic partnerships including some of the world’s most innovative automotive and transportation companies, such as Toyota Motor Corporation and NTT, May Mobility aims to achieve the highest standard in rider safety, sustainability and transportation equity. For more information, visit www.maymobility.com and LinkedIn.

Aeva, the Aeva logo, Aeva 4D LiDAR, Aeries, Aeva Ultra Resolution, 4D Perception, and 4D Localization are trademarks/registered trademarks of Aeva, Inc. May Mobility and the May logo are registered trademarks of May Mobility, 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. These forward-looking statements include, but are not limited to expectations about our product features, performance and our relationship with May Mobility. 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 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; and (v) other material risks and other important factors that could affect our financial results. 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/20231108810229/en/

Media:

Michael Oldenburg

press@aeva.ai

Brittany Lockard

media@maymobility.com

Investors:

Andrew Fung

investors@aeva.ai

Shadee Malekafzali

shadee.malekafzali@maymobility.com

Source: Aeva Technologies, Inc.

FAQ

What technology has May Mobility selected Aeva to supply?

May Mobility has selected Aeva to be the exclusive supplier of long-range LiDAR sensors for its autonomous vehicles globally.

What is the duration of the supply agreement between Aeva and May Mobility?

The multi-year supply agreement provides 5-year volume commitments through 2028, with delivery starting this year and production ramping in 2025.

How many rides has May Mobility provided using its autonomous technology?

May Mobility has provided more than 350,000 rides using its autonomous technology.

What is the maximum range of Aeva's 4D LiDAR technology?

Aeva's 4D LiDAR technology has a maximum range of up to 500 meters, with the unique ability to detect both range and velocity simultaneously.

What is the impact of Aeva's 4D LiDAR technology on May Mobility's operations?

Aeva's 4D LiDAR technology is expected to enable May Mobility to expand its operational design domain, broadening service areas and reaching new populations of riders.