LIDAR Company Innoviz Receives $4 Billion Order from VW, Mass Production to Begin in 2025
On August 2, Innoviz, an Israeli lidar company, announced that it will provide lidar hardware and supporting software to CARIAD, a subsidiary of Volkswagen Group, for a total deal price of $4 billion (approximately RMB 27.04 billion), with deliveries expected to begin in 2025.
According to industry insiders, it is a new business model for Innoviz to supply directly to Volkswagen as Tier 1. Previously, Innoviz received an order from BMW through a partnership with Tier 1 Magna.
Founded in 2016, Innoviz was selected by BMW as a LIDAR supplier in 2018 and will be listed on NASDAQ in April 2021 through SPAC.
Innoviz CEO Omer Keilaf said the agreement with Cariad will bring Innoviz's total future order book to $6.6 billion (about RMB 44.616 billion), which could grow if the company eventually supplies more VW Group brands.
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