Tech

This Lidar maker has signed a $4 billion supply agreement with Volkswagen


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Innoviz Technology will provide hardware and software for Volkswagen AG’s Cariad unit in a $4 billion deal, the Israeli company said on Tuesday.
Components, including laser-based lidar sensors, will be used in advanced driver assistance systems and autonomous vehicles from multiple brands in Volkswagen Groupstarting in the middle of the decade, Innoviz said.
Cariad confirmed the deal, but declined to provide financial details.
According to Innoviz’s estimates, the deal’s value is more than seven times the company’s market value of just over $500 million.
In a statement, Innoviz CEO and co-founder, Omer Keilaf, described the Cariad supply deal as an “important catalyst” for his company, which was founded in 2016 and is listed passed a reverse merger in April 2021.
Innoviz has since seen its stock price drop by two-thirds and its market value drop to $540 million from $1.6 billion when it went public.
Initial corporate investors in Innoviz include automotive suppliers Magna International, Aptiv and Samsung ElectronicsHarman International, according to investor website PitchBook. SoftBank is also an important backer.
Magna in 2018 announced a partnership with Innoviz to supply lidar to the German automaker BMW.
Volkswagen in 2019 invested $2.6 billion in American startup Argo AI, also backed by Ford Motor Co.
Cariad, set up in 2020 to coordinate software development at Volkswagen, earlier this year announced technical partnerships with Bosch, Qualcomm and STMicroelectronics.
It’s not clear how Volkswagen plans to combine aspects of the various deals with its broader self-driving strategy.
In early July, Cariad said it plans to “streamline” efforts to speed up software development following criticism from Volkswagen’s supervisory board.

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