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It's less of a three-way kind of program.Free Photography Logo Maker - Focus Camera Eye Logo DesignĬreate Your Own Online Focus Eye Logo Design DesignFreeLogoOnline made an online Photography logo making quick and effortless. 'And the fact that we are a direct supplier also is very helpful in terms of bringing the cost down. 'Eventually, it was a good fit, because the new product is really intriguing in terms of performance and price,' Keilaf said. Keilaf said that streamlined relationship offers advantages to both Innoviz and Volkswagen. The company has an existing deal with BMW, but that agreement has established auto supplier Magna International manufacturing and delivering Innoviz's lidar units to the automaker as something of a go-between.įor Volkswagen, the lidar units will be made by contract manufacturers using tooling provided by – and working directly with – Innoviz, which will then supply the completed units to Volkswagen itself. Selling directly to an automaker like Volkswagen is new ground for Innoviz. It will also do due diligence on the potential supplier's business, accepting the supplier only after it's confident that the company will be around and financially stable for the length of the contract. Generally, an automaker will put a potential new supplier's product through extensive quality and durability tests. The process involved in becoming a direct supplier to a major automaker is an arduous one. 'The second part was getting Volkswagen to feel comfortable with Innoviz becoming a direct supplier.' That was part of what we did in the last year,' Keilaf told CNBC. 'I think one of the most challenging parts was the fact that we are coming with a new product, a new generation, and we had to build confidence on their side to see that it's up and running.

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Innoviz's CEO, Omer Keilaf, said the company's deal with Cariad, Volkswagen's software company, was struck after more than two years of testing and due diligence. The lidar maker said in May that it had won a deal with 'one of the largest vehicle manufacturers in the world' to 'become its direct lidar supplier across multiple brands.' Innoviz, which went public via a merger with a special purpose acquisition company in late 2020, had previously announced the deal but had not revealed its client. The sensors are considered critical components of most autonomous-driving systems, which compare the images generated by lidar with a detailed three-dimensional map to double-check the vehicle's precise location.Īs the costs of development and production have fallen, the sensors have seen broader adoption across vehicles and driver-assist systems – leading to fierce competition between a slew of lidar startups for automaker business. Lidar - meaning, light detection and ranging - uses an invisible laser beam to scan surroundings and construct a detailed three-dimensional image. Innoviz's shares surged on the news, closing up over 18% on Tuesday. Innoviz expects to supply lidar units for between 5 million and 8 million Volkswagen Group vehicles over that eight-year term. The deal will run for eight years starting 'mid-decade,' when the first Innoviz-equipped Volkswagen Group vehicles are expected to ship.