Innoviz Technologies Awarded Top 5 Passenger OEM Development Program for L3 Global-Production Vehicle Platform

Rhea-AI Summary

Innoviz Technologies (NASDAQ: INVZ) has secured a Statement of Development Work agreement with a Top 5 passenger automotive manufacturer to supply InnovizTwo LiDAR units for their Level 3 autonomous vehicle program. The collaboration involves developing hardware and software modifications for seamless integration into the OEM's vehicle system, with start of production planned for 2027. Beginning Q2 2025, Innoviz will deliver several hundred LiDAR units to support data collection and development. The partnership aims to enable next-generation eyes-off driving capabilities, reinforcing Innoviz's position as a key technology supplier for global OEMs in autonomous driving solutions.

Positive

• Secured development agreement with a Top 5 global automotive manufacturer
• Several hundred LiDAR units to be supplied in coming months
• Target production start date of 2027 indicates long-term revenue potential
• Partnership validates Innoviz's technology and market position in autonomous driving

Negative

• Development work starting in Q2 2025 means significant time before revenue generation
• Final series production agreement not yet secured
• Substantial R&D investment needed for hardware and software modifications

Insights

Automotive Technology Analyst

Innoviz secures major L3 autonomous program with Top 5 automaker, validating their LiDAR technology ahead of potential 2027 production.

This development agreement with a Top 5 global passenger OEM represents a significant technological validation for Innoviz in the competitive autonomous vehicle sensor market. The deal specifically targets Level 3 autonomy - the critical threshold where drivers can temporarily disengage from driving tasks under certain conditions, creating substantially higher reliability requirements than typical L2+ systems currently on roads.

The agreement's structure reveals important strategic elements. First, Innoviz will deliver several hundred InnovizTwo LiDAR units beginning Q2 2025 for the development phase, creating near-term revenue while establishing a pathway toward the target 2027 production. Second, Innoviz's position as a Tier-1 direct supplier is noteworthy in the automotive supply chain, as many LiDAR companies operate as Tier-2 suppliers through traditional integrators. Direct OEM relationships typically enable better margins and greater design influence.

The technical aspects are equally significant. The required hardware and software modifications indicate customization work to integrate seamlessly with the OEM's vehicle architecture. The "eyes-off" functionality confirms this is a true L3 implementation rather than an enhanced driver assistance system. For a Top 5 global manufacturer to select Innoviz suggests their technology has demonstrated the performance, reliability, and cost-effectiveness needed for high-volume consumer applications.

However, it's important to recognize this Statement of Development Work (SoDW) establishes a development pathway that could lead to production, not a guaranteed production contract. The release explicitly notes they are "working toward a series production agreement," indicating additional milestones remain before securing definitive production commitments.

InnovizTwo High-Performance LiDAR to be used in Level 3 autonomous system, with start of production (SOP) planned for 2027

TEL AVIV, Israel, June 17, 2025 /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, announced today it has signed a Statement of Development Work (SoDW) agreement with a Top 5 passenger automotive manufacturer. Through this SoDW, Innoviz will supply advanced LiDAR units for the OEM's L3 highly automated series-production program with target SOP of 2027.

Under the terms of this agreement, beginning in Q2 2025, Innoviz will develop hardware and software modifications for its InnovizTwo LiDAR to ensure seamless integration into the OEM's vehicle system, facilitating a smooth ramp towards the planned data collection campaign as the companies work toward a series production agreement. Innoviz will supply several hundred InnovizTwo LiDAR units over the coming months, which will allow both the OEM and the platform provider to adhere to the project's timeline. This integration is intended to support the OEM's next-generation eyes-off driving system, with SOP planned for 2027.

"It's an exciting step forward for the industry as mass market car manufacturers begin moving towards highly automated and fully autonomous driving solutions," said Omer Keilaf, CEO and Co-Founder of Innoviz Technologies. "Collaborating with one of the most respected automotive manufacturers in the world underscores the growing demand for LiDAR solutions that meet the industry's toughest technical and safety standards. We are proud to help lower barriers to AV adoption while supporting the path toward safer and smarter driving."

This agreement reinforces Innoviz's position as a preferred technology partner for global OEMs seeking to advance their assisted and autonomous driving capabilities. The InnovizTwo LiDAR platform delivers exceptional resolution, range, and reliability, offering a scalable solution for high-volume consumer vehicle programs.

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.

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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 operational and financial 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 for the year ended December 31, 2024, filed with the U.S. Securities and Exchange Commission ("SEC") on March 12, 2025 and in 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

FAQ

What is the new partnership between Innoviz Technologies (INVZ) and the Top 5 automotive manufacturer?

Innoviz has signed a Statement of Development Work agreement to supply InnovizTwo LiDAR units for the manufacturer's Level 3 autonomous vehicle program, with production planned for 2027.

When will Innoviz (INVZ) begin supplying LiDAR units for this development program?

Innoviz will begin supplying several hundred InnovizTwo LiDAR units in Q2 2025 for data collection and development purposes.

What type of autonomous driving capability will Innoviz's LiDAR enable?

The InnovizTwo LiDAR will enable Level 3 autonomous driving with eyes-off driving capabilities in the OEM's vehicle system.

What is the production timeline for Innoviz's (INVZ) partnership with the Top 5 automotive manufacturer?

The start of production (SOP) is planned for 2027, with development work beginning in Q2 2025.

Has Innoviz (INVZ) secured a final production agreement with the automotive manufacturer?

No, the current agreement is a Statement of Development Work, with both companies working toward a series production agreement.