• Innoviz Technologies (Innoviz), an Israel-based developer of LiDAR sensors and perception software, has partnered with an unnamed Asia-based automotive OEM to supply LiDAR sensors for the latter’s series production passenger vehicles. The deal is expected to generate revenue during FY2024.

• The LiDAR units will facilitate Level 3 automation of vehicles (i.e., the driver is not required to maintain full vigilance but must be able to take control if necessary).

<ul><li> Analyst QuickTake: Today’s news marks Innoviz’s second partnership with a passenger vehicle maker as a direct supplier, following Volkswagen’s August deal worth USD 4 billion to supply LiDAR and components for its vehicles. Peer LiDAR companies such as Luminar Technologies, Innovusion , and incumbent Velodyne Lidar also have partnerships with OEM customers to integrate LiDAR into autonomous vehicles and advanced driver assist systems (ADAS). These partnerships indicate growing momentum among OEMs to use LiDAR sensors in their autonomous and ADAS solutions.</ul>