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Innoviz Technologies Reports Third Quarter 2021 Operational and Financial Results
Distinguished Guest from BMW to Join Management on Conference Call Scheduled Today at 9:00 AM ET TEL AVIV, Israel, Nov. 10, 2021 /PRNewswire/ -- Innoviz
About this update from Innoviz Technologies Ltd.
[{"type":"text","content":"Distinguished Guest from BMW to Join Management on Conference Call Scheduled Today at 9:00 AM ET\n\n\nTEL AVIV, Israel, Nov. 10, 2021 /PRNewswire/ -- Innoviz Technologies (Nasdaq: INVZ), a technology leader of high-performance, solid-state LiDAR sensors and perception software, today reported operational and financial results for the third quarter ended September 30, 2021. Innoviz management reaffirmed its long-term guidance, future potential order book, and provided operational updates on its commercial traction, technology leadership, and corporate development.\nCommercial Traction\nInnoviz continues to make progress on key automotive programs with leading car makers and technology companies for sourcing decisions in the short- and mid-term period. The unique cost and performance proposition offered by InnovizTwo has garnered significant interest from the market. For certain automotive programs, Innoviz can now provide the InnovizTwo solution as a direct Tier 1 supplier. Innoviz successfully completed an extensive, 12-month Tier 1 supplier audit process conducted by one of the largest car makers in the world. Innoviz is now recognized as a direct supplier as part of the final stage of consideration for a nomination for a L2/L3 program. If received, this recognition would mark an important milestone in Innoviz's progress and establishment in the automotive space. Integrated its Perception Platform with NVIDIA's DRIVE AGX autonomous vehicle development platform, including the NVIDIA DRIVE ecosystem, which is used on several programs where Innoviz is interested in expanding its business. Innoviz's LiDAR sensor is also integrated with the NVIDIA DRIVE Sim. Selected by JueFX for its Vehicle-to-Everything (V2X) solution to improve road safety and traffic alerts for autonomous vehicles in China. JueFX will install Innoviz's high-performance, solid-state LiDAR on smart city infrastructure and leverage its annotated data to monitor traffic in real time and to send alerts to autonomous vehicles.Technology Leadership\nOn track with the industrialization of InnovizOne with the final hardware design freeze anticipated by the end of 2021. This would enable the mass production of InnovizOne at the fully automated production facility in Holly, Michigan. On track with InnovizTwo's new design to deliver its first engineering samples by the end ...