The car sensor company, Innoviz Technologies (INVZ) has increased by 10.6% this week to $10.79 per share on Tuesday, its first day being on the Nasdaq. The stock was higher by 10% in trading on Wednesday.
The Israel-based firm went public after an SPAC merger brought in $371 million.
The company’s lidar sensor allows self-driving cars to have a 3D view of the road. The firm has partnered with BMW to sell the company its first set of sensors, which are priced at around $1,000.
CEO Omer Keilaf said that Innoviz is developing a new sensor that he claims will “transform” the industry due to its low price — under $500.
“Innoviz is ahead of its competition,” Keilaf said. “Our sensor is much smaller than others on the market, and it costs significantly less.”
Keilaf thinks that lidar sensors will get cheaper and smaller over time, eventually costing under $100.
In the second quarter, Innoviz increased its manufacturing at its plant in Michigan to hit what Keilaf said was “skyrocketing demand” from an industry hungry for lidar sensors.
Innoviz predicts its sales will expand from around $9 million in 2021 to around $237 million in 2024.
Innoviz is among five lidar sensor makers to go public through SPAC investment vehicles.
Tesla’s (TSLA) CEO Elon Musk has long been a critic of the lidar technology saying it is a “fool’s errand.” And an FCC document reveals that Tesla is planning to use a “millimeter-wave sensor.” All of Tesla’s cars and trucks currently use a radar in the front of the vehicle.
“He made a good choice five years ago when no good lidar was on the market and he needed to release a product,” said Keilaf. “The only way for Tesla to build a fully self-driving vehicle is with lidar, and I’m sure Musk will do that eventually.”
Author: Scott Dowdy