August 8, 2022
VW Orders $4 Billion Worth of Sensors From Israel’s Innoviz
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Lidar supplier’s shares soar as much as 46% in early trading
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Supplier will support more advanced driver-assistance features
Volkswagen AG ordered $4 billion worth of lidar from Innoviz Technologies Ltd., sending the Israeli sensor supplier’s shares soaring in early trading.
The deal with VW’s software unit Cariad boosts Innoviz’s total future orders to $6.6 billion, and there’s potential for the amount to grow if the company ends up supplying to more VW group brands, Chief Executive Officer Omer Keilaf said in an interview. Innoviz shares surged as much as 46% to $5.83 before the start of regular trading Tuesday.