Innoviz updated its forecast to $6.9 billion sales
10 November, 2022
During the third quarter of 2022, Innoviz made improvements of the Israel-based production lines of LiDAR systems, "eliminating a key bottleneck in the production process"
Above: Next-Generation of the Automotive-Grade LiDAR system, InnovizTwo
Following a new customer win in Asia, Innoviz Technologies, updated its forward-looking order book up to $6.9 billion, compared with $4 billion forecast approximately a year ago. The new customer is an emerging global EV manufacturer who selected InnovizTwo LiDAR sensor for its series production of passenger vehicles, starting 2024. In this deal, Innoviz will act as a Tier 1 supplier of the LiDAR solutions.
During the third quarter of 2022, Innoviz moved its corporate headquarters to a new facility in Rosh Ha’ayin (near Tel aviv). The move included improvements of the Israel-based production lines and “eliminating a key bottleneck in the overall production process” that will enable more InnovizOne units to be sold into non-automotive markets beginning in the fourth quarter of 2022 and ramping into 2023. As part of this process Innoviz has moved to the D-sample stage, which is the final step before the start of production in the Automotive industry.
Currently, Innoviz’s first high-end automotive LiDAR, InnovizOne is produced on two parallel production lines. The first is the production line in Holly, MI, which is owned by Magna and is serving the BMW program for the upcoming 2023 BMW 7 Series. The second is a production line at a contract manufacturer in Germany, which serves to support the autonomous shuttle program with a leading tier-1 automotive supplier and other customers.
The deal also marks the Company’s first production win with a new technology partner. According to rumors in the industry, Innoviz now has production wins with Mobileye and Qualcomm – two of the industry’s three major autonomous driving technology platform partners. The third one is NVIDIA. According to Omer Keilaf, CEO of Innoviz, the company now has 11 OEMs in the RFI and RFQ process, which collectively produce approximately 40 million vehicles per year. It also expects an additional 1-3 new decisions by OEMs in the next six months.