Innoviz has struck a deal to supply lidar units to Volkswagen for millions of vehicles. The deal could be worth $4 billion over eight years, it said.
"I think one of the most challenging parts was the fact that we are coming with a new product, a new generation [of lidar units], and we had to build confidence on their side to see that it's up and running. That was part of what we did in the last year," Keilaf told CNBC."The second part was getting Volkswagen to feel comfortable with Innoviz becoming a direct supplier."
The process involved in becoming a direct supplier to a major automaker is an arduous one. Generally, an automaker will put a potential new supplier's product through extensive quality and durability tests. It will also do due diligence on the potential supplier's business, accepting the supplier only after it's confident that the company will be around and financially stable for the length of the contract.
Selling directly to an automaker like Volkswagen is new ground for Innoviz. The company has an existing deal with
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