Innoviz Technologies and Major OEM Collaborate on New Short-Range LiDAR for L4 Autonomous Vehicles

Rhea-AI Summary

Innoviz Technologies, a leading supplier of automotive-grade LiDAR sensors, has announced a collaboration with a major OEM to integrate their new short-range LiDAR into the OEM's Level 4 autonomous driving platform. This new addition, which joins the InnovizTwo product line, offers high-resolution detection with a 90-degree vertical field of view. It is designed for light commercial vehicles, shuttles, robotaxis, and trucks. This collaboration follows a six-month development phase and is expected to lead to a series production nomination soon. CEO Omer Keilaf remarked on the significance of this partnership for advancing autonomous vehicle technologies globally.

Positive

• Innoviz Technologies' collaboration with a major OEM to integrate short-range LiDAR into L4 autonomous platforms.
• The new short-range LiDAR offers high-resolution detection and a 90-degree vertical field of view.
• Expected series production nomination in the coming months.
• The development phase aligns with the OEM's stringent RFQ requirements, indicating high standards and quality.

Negative

• None.

Automotive Industry Analyst

The collaboration between Innoviz Technologies and a major automotive OEM to integrate short-range LiDAR into Level 4 (L4) autonomous vehicles signifies a step forward in autonomous vehicle (AV) technology. LiDAR (Light Detection and Ranging) is critical for AVs as it helps in creating a 3D map of the surroundings, essential for navigation and obstacle detection.

Innoviz’s addition of short-range LiDAR complements its existing long-range and slim versions, offering a comprehensive suite for various vehicle types like light commercial vehicles, shuttles and robotaxis. This diversification can broaden its market reach and cater to different OEM needs. Integrating multiple sensors per vehicle enhances redundancy and safety, important for L4 autonomy where the vehicle can handle all driving tasks under certain conditions.

For retail investors, this partnership signals potential growth as Innoviz is aligning with a global OEM. However, they should consider that series production and commercial terms are still pending, posing some uncertainty. Short-term gains might be limited, but long-term the outlook appears promising as the AV market evolves.

Technology Analyst

From a technology standpoint, Innoviz's new short-range LiDAR based on the InnovizTwo architecture indicates a strategy to maximize use of existing platforms to reduce development time and costs. High-resolution detection and a 90-degree vertical field of view are impressive features likely to meet OEMs' stringent requirements. This can significantly enhance the vehicle’s ability to detect and navigate complex environments at short distances, a critical function for urban driving and maneuvering.

The potential for series production nomination underscores the product’s industrial maturity. For tech-savvy investors, this is a positive sign of Innoviz’s engineering capabilities and market readiness. Yet, they should be mindful of the competitive landscape, where other companies are also advancing their LiDAR technologies. Staying updated on comparative advancements in the industry is crucial.

Market Research Analyst

The market dynamics for autonomous vehicles are rapidly evolving and Innoviz's collaboration with a major OEM positions it favorably within this space. AVs are expected to transform various sectors, from logistics to public transportation. Innoviz's focus on short-range LiDAR for light commercial vehicles, shuttles and trucks is strategic, targeting high-growth segments.

However, the market for L4 autonomy is still nascent. The immediate financial impact of this collaboration may not be substantial, but it lays the groundwork for future revenue streams as AV adoption accelerates. Retail investors should view this as a long-term play, with initial returns likely to be modest but with significant upside potential as the technology matures and becomes more widespread.

The agreement between the two companies adds short-range LiDARs into the OEM's L4 Autonomous Driving Platform

TEL AVIV, Israel, June 26, 2024 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the "Company" or "Innoviz"), a leading Tier-1 direct supplier of high-performance automotive-grade LiDAR sensors and perception software, today announced a collaboration with an automotive OEM to advance its L4 autonomous vehicle capabilities. This agreement adds Innoviz's new short-range LiDARs into the OEM's Level 4 autonomous driving platform. The Company expects the collaboration will result in a series production nomination in the coming months, pending agreement of commercial terms.

Innoviz's Short-Range LiDAR joins the InnovizTwo product platform that includes InnovizTwo Long-Range and InnovizTwo Slim. With high-resolution detection and over 90-degree vertical field of view, the new short-range design is based on InnovizTwo Long-Range architecture. It leverages the product's industrialization maturity and is designed to meet the requirements for light commercial vehicles, shuttles, robotaxis, and trucks. This new development phase was meticulously designed over the past six months to align with the OEM's stringent RFQ (Request for Quotation) requirements. With the OEM planning to integrate multiple short-range LiDARs for each of its L4 autonomous vehicles, the partnership is well positioned to advance a safe and powerful autonomous driving experience.

"This is an exciting moment for Innoviz as we collaborate with a major global OEM on a new product," said Omer Keilaf, CEO and Co-Founder of Innoviz Technologies. "As the L4 market is starting to ramp-up, we are happy to be able to provide a complete set of solutions to meet the needs of OEMs worldwide and support the acceleration of AV adoption across all sectors."

About Innoviz
Innoviz is a global leader in LiDAR technology, serving as a Tier 1 supplier to the world's leading automotive manufacturers and 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
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 series production nominations, 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, potential changes and developments in the highly competitive LiDAR technology and related industries, and our expectations regarding the impact of the evolving conflict in Israel to our ongoing operations. 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 12, 2024 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. Top of Form

Photo - https://mma.prnewswire.com/media/2448527/New_Short_Range_LiDAR.jpg
Logo - https://mma.prnewswire.com/media/2279073/Innoviz.jpg

View original content to download multimedia:https://www.prnewswire.com/news-releases/innoviz-technologies-and-major-oem-collaborate-on-new-short-range-lidar-for-l4-autonomous-vehicles-302183100.html

SOURCE Innoviz Technologies

FAQ

What recent collaboration did Innoviz Technologies announce?

Innoviz Technologies announced a collaboration with a major OEM to integrate their new short-range LiDAR into the OEM's Level 4 autonomous driving platform.

What is the expected outcome of Innoviz Technologies' new collaboration?

The collaboration is expected to lead to a series production nomination in the coming months, pending agreement of commercial terms.

What specific product did Innoviz Technologies develop for the OEM?

Innoviz Technologies developed a new short-range LiDAR, which offers high-resolution detection and a 90-degree vertical field of view.

What is the InnovizTwo product line?

The InnovizTwo product line includes long-range, slim, and the newly introduced short-range LiDAR sensors, designed for various autonomous vehicles.

When was the collaboration between Innoviz and the OEM announced?

The collaboration was announced on June 26, 2024.

What applications are Innoviz's short-range LiDAR designed for?

Innoviz's short-range LiDAR is designed for light commercial vehicles, shuttles, robotaxis, and trucks.