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Volkswagen to buy autonomous driving software and hardware from Israel’s Innoviz Technology in $4 billion deal
The deal is inked with VW’s CARIAD Technologies Group, which includes the Volkswagen Group’s advanced driver assistance systems and automated vehicle sensors such as laser-based lidars since mid-decade.
“We are excited to work with the CARIAD team and become a supplier of LiDAR sensors and perception software to support the safe movement of vehicles since mid-decade,” Innoviz CEO and founder Omer Kaylaf said in a statement. “Carid is a leading player in transforming the entire automotive space. We are proud to be a part of their mission.
Also Read: VW’s Supervisory Board Wants Bigger Software Plans
The deal means Innoviz now has a forward-looking order book valued at $6.6 billion. This deal alone is worth more than seven times the company’s ~$500 million market cap.
CARIAD has announced a series of technical partnerships in 2022, including with Bosch, Qualcomm and STMicroelectronics. Volkswagen itself has spent $2.6 billion on US startup Argo AI as part of preparations for the automaker to move its European self-driving division into Argo.
Meanwhile, Innoviz has received investments from the likes of Magna International and Harman International. It was announced in April 2021 in a reverse merger and while it was once valued at $1.6 billion, that has since fallen to $500 million.
The tech company says its advanced LiDAR and sensing software can see better than a human driver and reduce the chances of error. Innoviz has a LiDAR deal in talks with BMW and BloombergKhelaf said he is hiring a third-party contractor to manufacture the lidar sensors.
In May, Volkswagen announced that it would use Qualcomm chips for its next automobiles.
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