Business
Innoviz Reports Second-Quarter 2023 Results and Increases 2023 Financial Targets Following Continued Commercial Momentum
SOP and expanded relationship with BMW Group combined with additional year-to-date commercial momentum underlines the strength of Innoviz's LiDAR sensor and
About this update from Innoviz Technologies Ltd.
[{"type":"text","content":"SOP and expanded relationship with BMW Group combined with additional year-to-date commercial momentum underlines the strength of Innoviz's LiDAR sensor and software platform\nTEL AVIV, Israel , Aug. 2, 2023 /PRNewswire/ -- Innoviz Technologies Ltd. (Nasdaq: INVZ) (the \"Company\" or \"Innoviz\"), a leading Tier-1 direct supplier of high-performance, automotive grade LiDAR sensors and perception software, today provided commercial and strategic updates on its business, reported its financial results for the second quarter ended June 30, 2023 and raised 2023 financial targets.\nInnoviz has achieved Start of Production (SOP) with its first generation BMW Group program. The first component shipments intended for production vehicles were shipped in July 2023 and are expected to be installed on BMW 7 Series vehicles available later this year or early 2024. Innoviz's second SOP launch for 2023 with its shuttle program also continues to make progress, with production shipments planned for the coming months. \nAdditionally, Innoviz today announced an important expansion in its relationship with the BMW Group. Under a new development agreement, following BMW Group's requirements, Innoviz will develop B-samples for an enhanced solution portfolio, including the InnovizTwo LiDAR, an all-new InnovizCore AI compute module, and a suite of advanced AI-powered software solutions, which is expected to include a LiDAR-based Minimum Risk Maneuver (MRM) system. The B-sample phase of the program is expected to enable the BMW Group to decide on a serial development agreement with Innoviz that is anticipated to focus on bringing a new array of advanced automated capabilities to a broader range of the BMW lineup. Innoviz is developing the solution as a Tier-1 supplier and is targeting late 2023 or early 2024.\n\"The opportunity for Innoviz to evolve to a Tier-1 supplier with another major OEM is an important development for Innoviz, and we are excited to move to the B-sample stage of the second generation LiDAR platform with the BMW Group,\" said Omer Keilaf, Innoviz Co-Founder and CEO. \"We are confident that we can bring a more powerful solution with an InnovizTwo-based platform, and we are thrilled to be working on an expanded software suite.\"\nCommercial and Strategic Updates \n- Series production unit shipments began in the third quarter of 2023 –...