Innoviz Technologies jumps after selected to be a LiDAR supplier for large vehicle maker

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• Innoviz Technologies (NASDAQ:INVZ) skyrocketed 28% in premarket trading after the company said it's been selected by one of the world's largest vehicle makers to become its direct LiDAR supplier across multiple brands.
• The selection, which is Innoviz’s third major design win, will increase Innoviz’s forward-looking order book by $4 billion to $6.6 billion, according to a statement.
• The company expects to elaborate further on the news in its Q1 earnings call on May 11. 

Comments

[springfwd]

With Tesla moving away from radars, and Toyota also saying that they are looking at camera only options, there has been a little bit of a cloud over the prospects for lidar. The risk of the lidar technology simply fading away has been a real concern.

This announcement reinforces that the case for lidars is still open. Given the higher regulatory expectations in Europe, I would tend to think the auto manufacturer being referred to here is a multi-brand one from that continent. So likely to be the Volkswagen group or maybe Renault-Nissan. Hopefully Innoviz will disclose the identity during the earnings call on May 11.

SPACs have been generally bad in the market. Some of them may have just taken the money and blown it away. I look at SPACs as a retail venture capital investment. Many will fail and some will do extremely well. Some of these companies will survive and thrive.

Too early to say about stock returns on Innoviz, the real cash flows are a few years out. But, it increasingly appears to me that Innoviz is not a fly by night operator and is genuinely building some innovative solutions. I continue to think, and perhaps hope, that Innoviz will be a survivor three years down the road. This announcement helps me continue building on my small position in the stock.

[pat45]

which company??

[tech7]

@pat45 Has not been named yet. Not sure why. 🤔

[Robert Dydo]

@tech7 It becomes clear that the OEMs working with those design wins have more than one supplier. I imagine they will want lidar companies to pay for all the design and then select. Innoviz has only a B sample; They go to D. We will see what happens with interest.