Innoviz Technologies Ltd. (Nasdaq: INVZ) (the “Company” or “Innoviz”), Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today announced that it has received a several hundred unit purchase order from a commercial vehicle original equipment manufacturer (OEM) for its InnovizTwo LiDAR as part of advanced discussions for a new series production award. The order will be delivered to the customer throughout 2023, beginning in the second quarter.

“We are extremely pleased to be selected by a commercial vehicle OEM to power its fleet with our industry leading LiDAR. As a result of our team’s hard work, we have significantly improved InnovizTwo manufacturing yields and output, allowing us to deliver higher targeted volumes at a faster pace,” said Omer Keilaf, Innoviz CEO and Co-Founder. “The fact that the increased product availability was quickly met with a large customer purchase order highlights the strong demand for our InnovizTwo product.”

Innoviz currently has four series production awards, including major automotive platforms with Volkswagen, BMW, and an Asia-based electric vehicle OEM, along with a cutting-edge Level 4 autonomous shuttle program with a leading Tier-1 automotive supplier. As discussions for this new commercial vehicle platform are progressing, the Company believes it has the potential to represent the Company’s fifth series production award and could be additive to the long-term outlook.

This news follows Innoviz’s recent announcement of its new office and expanded team in Munich, Germany. The increased European footprint offers proximity to key customers and partners for greater collaboration and execution, as well as for new business opportunities, such as this new purchase order. The company expects additional ongoing benefits from its growing global presence.

News Source: PR Newswire