PR97741

TEL AVIV, Israel , September 9, 2022 /PRNewswire=KYODO JBN/--

Selection Represents Innoviz's Fourth Major Design Win and Second Nomination

for Series Production of Passenger Vehicles as a Direct Supplier

Innoviz Technologies Ltd. (NASDAQ: INVZ) (the "Company" or "Innoviz"), a

leading provider of high-performance LiDAR sensors and perception software,

today announced that one of the leading Asia-based automotive OEMs has selected

the Company to serve as its direct LiDAR supplier for series production

passenger vehicles. Innoviz will supply InnovizTwo LiDAR sensor to position

vehicles to upgrade to full L3 Automation.

The partnership is expected to generate revenues during fiscal year 2024.

"With this selection, we are continuing our momentum and further demonstrating

Innoviz's capabilities as a Tier 1 supplier to the world's leading car makers

and expanding to additional geographies," said Innoviz CEO and Co-Founder Omer

Keilaf. "We are proud of the significant progress we have made, particularly in

recent months, and well positioned to further strengthen and solidify our

position as a leading supplier for autonomous vehicles. We look forward to

supporting this new program with a fully featured solution for all levels of

autonomous driving, paving the path to full L3 automation."

The selection represents Innoviz's fourth major design win and second

nomination for series production of passenger vehicles as a direct supplier,

and follows Innoviz's recently announced partnership with Volkswagen, through

which Innoviz will work directly with Cariad SE, Volkswagen's automotive

software company, to integrate the Company's technology into upcoming

Volkswagen vehicles.

About Innoviz Technologies  

Innoviz is a global leader in LiDAR technology, working towards a future with

safe autonomous vehicles on the world's roads. Innoviz's LiDAR and perception

software "see" better than a human driver and reduce the possibility of error,

meeting the automotive industry's strictest expectations for performance and

safety. Operating across the U.S., Europe, and Asia, Innoviz has been selected

by internationally recognized premium car brands for use in consumer vehicles

as well as by other commercial and industrial leaders for a wide range of use

cases. For more information, visit innoviz-tech.com

Media Contact

Media@innoviz-tech.com

Investor Contact

Maya Lustig

Innoviz Technologies

+972 54 677 8100

Investors@innoviz-tech.com

Forward Looking Statements

This announcement contains certain forward-looking statements within the

meaning of the federal securities laws, including statements regarding the

services offered by Innoviz, the anticipated technological capability of

Innoviz's products, the markets in which Innoviz operates, future

collaborations with third parties, Innoviz's forward-looking order book and

Innoviz's projected future results. These forward-looking statements generally

are identified by the words "believe," "project," "expect," "anticipate,"

"estimate," "intend," "strategy," "future," "opportunity," "plan," "may,"

"should," "will," "would," "will be," "will continue," "will likely result,"

and similar expressions. Forward-looking statements are predictions,

projections and other statements about future events that are based on current

expectations and assumptions and, as a result, are subject to risks and

uncertainties, including, in the case of this fourth design win, the risk that

definitive agreements remain to be finalized between the parties. You should

carefully consider such risk and the other risks and uncertainties described in

Innoviz's annual report on Form 20-F filed with the SEC on March 30, 2022 and

other documents filed by Innoviz from time to time with the SEC. These filings

identify and address other important risks and uncertainties that could cause

actual events and results to differ materially from those contained in the

forward-looking statements. Forward-looking statements speak only as of the

date they are made. Readers are cautioned not to put undue reliance on

forward-looking statements, and Innoviz assumes no obligation and does not

intend to update or revise these forward-looking statements, whether as a

result of new information, future events, or otherwise. Innoviz gives no

assurance that it will achieve its expectations.

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SOURCE: Innoviz Technologies