HomeBusinessInnoviz wins $4 billion dollar Volkswagen lidar contract

Innoviz wins $4 billion dollar Volkswagen lidar contract

In this photo illustration a Innoviz Technologies logo is displayed on a smartphone.

Rafael Henrique | SOPA Images | Lightrocket | Getty Images

Israeli lidar maker Innoviz announced Tuesday it has won a contract to supply lidar units and related software for autonomous driving to a unit of Volkswagen, in a deal worth $4 billion in sales over eight years.

Under the deal, Volkswagen will incorporate Innoviz’s latest automotive lidar unit and its proprietary perception software into vehicles across its portfolio.

The deal will run for eight years starting “mid-decade,” when the first Innoviz-equipped Volkswagen Group vehicles are expected to ship. Innoviz expects to supply lidar units for between 5 million and 8 million Volkswagen Group vehicles over that eight-year term.

Innoviz’s shares surged on the news, closing up over 18% on Tuesday.

Lidar — meaning, light detection and ranging —…

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