Starting the week off on a strong note, shares of Innoviz Technologies (INVZ 4.09%), a leading lidar technology company, are driving higher this morning. Innoviz has secured a new customer in what is the company's largest deal to date, and investors' enthusiasm is racing higher.
As of 10:47 a.m. ET, shares of Innoviz Technologies have climbed 6.6%, falling from their earlier rise of 15.8%.
Refraining from identifying its new customer by name, Innoviz is keen on stating the new customer's prominent industry position: It is "one of the largest vehicle manufacturers in the world." Details remain scant, but Innoviz says that the vehicle manufacturer will use its lidar solutions in multiple brands in its product portfolio.
Bulls are celebrating the news today because of the potential impact the deal will have on Innoviz's financials. Based on the scope of the agreement, Innoviz is increasing its forward-looking order book to $6.6 billion from $2.6 billion.
Celebrating the deal, Omer Keilag, Innoviz's CEO and co-founder, said the following:
Being selected by a large-scale multi-brand global vehicle maker is a significant catalyst for Innoviz and we expect this will affect the entire industry which has been waiting for a decision of this magnitude. We are expecting the scope of this deal to grow even further as additional car brands within the group adopt our platform. In addition, we anticipate more car makers to follow this decision in their autonomous vehicle programs.
Innoviz plans on addressing this new deal in greater detail next week when it reports first-quarter 2022 earnings, so growth investors whose interest is piqued by this autonomous driving stock should tune in for greater insight.