247MarketNews.com – Innoviz Technologies LTD (NASDAQ:INVZ) pre market shares trending up on more volume than usual as the company announces it was chosen to supply its LIDAR for a large vehicle manufacturer.

Innoviz Selected by One of the Largest Global Vehicle Groups to be its Direct LiDAR Supplier for Series Production Vehicles; Increases Forward-Looking Order Book by $4 Billion

Innoviz to Provide InnovizTwo LiDAR Sensor and Perception Software

TEL AVIV, Israel, May 2, 2022 /PRNewswire/ — (NASDAQ:INVZ) (the “Company” or “Innoviz”), a leading provider of high-performance LiDAR sensors and perception software, announced today that one of the largest vehicle manufacturers in the world has selected Innoviz to become its direct LiDAR supplier across multiple brands. The selection, which is Innoviz’s third major design win, follows more than two years of extensive diligence and qualification, and will increase Innoviz’s forward-looking order book by $4 billion to $6.6 billion. The company will elaborate further on the new achievement on its coming quarterly earnings call on May 11 at 9:00a.m. ET.

“We are proud to deliver our outstanding InnovizTwo LiDAR and perception software as the direct supplier to support this new series production program,” said Innoviz CEO and Co-Founder Omer Keilaf. “Being selected by a large-scale multi-brand global vehicle maker is a significant catalyst for Innoviz and we expect this will affect the entire industry which has been waiting for a decision of this magnitude. We are expecting the scope of this deal to grow even further as additional car brands within the group adopt our platform. In addition, we anticipate more car makers to follow this decision in their autonomous vehicle programs.”

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