Innoviz Technologies Ltd. (INVZ) Inks Deal with Commercial Vehicle Manufacturer

Innoviz Technologies Ltd. (NASDAQ:INVZ) is one of the best lidar stocks to buy right now. On September 8, the developer and supplier of automotive-grade lidar sensor platforms received a significant boost on being selected by a major commercial vehicle manufacturer.

Innoviz Technologies Ltd. (INVZ) Inks Deal with Commercial Vehicle Manufacturer

The company has been selected to supply lidar units for SAE Level 4 autonomous class-8 semi-trucks. Innoviz is to supply its InnovizTwo sensors for the manufacturer’s data collection trucking fleet. It is also tasked with developing software modifications to meet the OEM’s vehicle integration requirements.

“Winning this L4 program with a major and respected truck manufacturer is a milestone that reflects our ability to scale across sectors,” said Omer Keilaf, CEO and Cofounder of Innoviz Technologies.

Innoviz was selected because its lidar technology provides high-resolution sensing capabilities that help autonomous vehicles detect and respond to their surroundings. Analysts are already projecting a 129% revenue growth as a result of the contract, which could significantly impact its expansion plans.

Innoviz Technologies Ltd. (NASDAQ:INVZ) develops and manufactures high-performance, solid-state lidar sensors and perception software, primarily for the automotive and autonomous vehicle industries, as well as for other applications such as robotaxis, drone navigation, and intelligent traffic management. Its products, such as the InnovizTwo sensor, are designed to create detailed 3D maps of the environment, enabling safe autonomous driving.

While we acknowledge the potential of INVZ to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than INVZ and that has 100x upside potential, check out our report about this cheapest AI stock.

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Disclosure: None. This article is originally published at Insider Monkey.