InnovizOne LiDAR Selected by LOXO for Autonomous, Zero-Emission Delivery Vehicles
Innoviz Technologies (NASDAQ: INVZ) partners with LOXO to equip zero-emission autonomous delivery vehicles with InnovizOne LiDAR sensors. The collaboration aims to enhance delivery efficiency and reduce emissions in Switzerland. LOXO plans to showcase its autonomous vehicles at the CES on January 7, 2023. Following an evaluation period, LOXO will increase orders for InnovizOne to support its fleet. The autonomous last-mile delivery market is projected to grow from USD 57.67 billion in 2021 to USD 68.95 billion by 2028, highlighting the potential impact of this partnership.
- Partnership with LOXO to enhance efficiency and reduce emissions in delivery services.
- InnovizOne LiDAR selected for its rigorous automotive standards, improving safety and operational efficiency.
- Projected growth in the autonomous last-mile delivery market from USD 57.67 billion in 2021 to USD 68.95 billion by 2028.
- None.
- LOXO intends to use InnovizOne LiDAR sensors to enable autonomy for its zero-emission autonomous delivery vehicles.
- LOXO will present its autonomous and zero-emission delivery vehicle with InnovizOne LiDAR at the Consumer Electronics Show (CES) on January 7, 2023, 3:30pm, at Innoviz's booth #6553.
TEL AVIV, Israel and BERN, Switzerland, Jan. 3, 2023 /PRNewswire/ -- Innoviz Technologies (NASDAQ: INVZ) (the "Company" or "Innoviz"), a technology leader of high-performance, solid-state LiDAR sensors and perception software, announced today that Switzerland-based LOXO, a provider of zero-emission autonomous vehicles for last-mile delivery services, is planning to use InnovizOne LiDAR to enable autonomy for its delivery vehicles, which allow retailers to transport goods from local distribution hubs to end consumers more efficiently and with fewer emissions.
Innoviz's planned partnership with LOXO for autonomous delivery services in Switzerland demonstrates the company's continued global expansion. Following the initial evaluation period, LOXO plans to purchase more InnovizOne LiDAR units to support its delivery fleet, with pre-sales for the vehicle beginning as soon as 2023.
To view LOXO's zero-emission delivery vehicles equipped with InnovizOne LiDAR, please click here.
"Tested using to the most rigorous automotive standards, our InnovizOne LiDAR sensor is well-equipped to tackle challenging urban environments and make the delivery of goods more convenient, affordable, and safe," said Omer Keilaf, Co-founder and CEO at Innoviz. "In collaboration with LOXO, we look forward to enabling this critical service for users, especially during the busiest delivery days of the year, and revolutionizing the local transport of goods across cities worldwide."
InnovizOne is a high-performance solid-state LiDAR sensor specifically designed for automakers and robotaxi, shuttle and delivery companies requiring an automotive-grade, mass-producible solution to achieve autonomy. It is purpose-built to be rugged, affordable, reliable, power-efficient, lightweight, and to seamlessly integrate into unique Level 3 to Level5 autonomous vehicle designs ensuring the safety of passengers and pedestrians alike. LOXO vehicles equipped with InnovizOne will be designed to meet the demand from the autonomous last-mile delivery market, which is projected to grow from USD 57.67 billion in 2021 to USD 68.95 billion by 2028.
"At LOXO, we're working at the cutting-edge of autonomous delivery vehicles. As we look forward to deploying our solution on public road in 2023, we have rigorously selected Innoviz' solution to equip our vehicles with the industry-leading LiDAR to ensure the highest levels of safety and operational efficiency," said Amin Amini, Co-Founder & CEO of LOXO. "InnovizOne is expertly engineered to be compact and seamlessly integrate into our electric vehicle design. It's accurate and high-performing, ensuring our vehicles navigate complex and obstacle-ridden urban road networks safely."
LOXO will present its autonomous and zero-emission delivery vehicle use-case with InnovizOne LiDAR at the Consumer Electronics Show (CES) on January 7, 2023, 3:30pm, at Innoviz's booth #6553.
About LOXO
LOXO is providing an intelligent fully automated goods transport system that solves the increasing problems of the last-mile-delivery on the provider's and customers' side: Our technology is enhancing delivery efficiency, flexibility, safety and decreasing the carbon footprint for the benefit of all. LOXO alpha, the first version of LOXO's autonomous vehicle will hit Swiss roads for the first time in early 2023.
We at LOXO, believe that we have the solution for all types and sizes of retailers across the e-food, postal and logistic sectors. For more information, visit: https://www.loxo.ch/en/
Media Contact - LOXO
Lara Amini, Co-Founder, Business & Marketing
Lara@loxo.ch
+41 79 328 30 20
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.
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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 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
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