Leading provider of high-performance LiDAR sensors breaks record of delivered units
SUNNYVALE, CA, Nov 17, 2023 - (ACN Newswire) - Innovusion, a leading provider of high-performance LiDAR sensors and solutions, today announced that it has delivered 200,000
LiDAR units for vehicles cumulatively, achieving a significant milestone as the preeminent global leader in the LiDAR
industry.
Innovusion is a rapidly growing player in the LiDAR space, holding the majority of LiDAR market share in 2022 for
passenger cars and light commercial vehicles, according to Yole Intelligence's Global Automotive LiDAR Market and Technology Report 2023. The company significantly outperformed Yole Intelligence's projected forecast from the previous year and led both
sales volume and revenue for the passenger car and commercial vehicle LiDAR market in 2022. This year, Innovusion has
continued to lead large-scale delivery of LiDAR sensors through various partnerships with companies like automobile
manufacturer NIO, which uses Innovusion's automotive-grade product, Falcon, in eight models, including the ET7, ES7 and
ET5.
The company's production of 200,000 units in 2023 is a significant feat considering the challenges of large-scale mass
production of high-performance LiDAR. Within the automotive sector, producers must pass extremely stringent requirements
for product manufacturability, supply chain maturity, production cycle and reliability while maintaining precise
assembly of optical instruments, orderly mass production at a fast pace and guaranteed product performance and yield
rate. LiDAR is also susceptible to the challenges of many emerging fields in the automotive industry, such as low
maturity of initial industrial chains, lack of large-scale industrial production capacity, difficulty in ensuring mass
production landing, production consistency and quality control.
"We're thrilled to have achieved this milestone of producing 200,000 LiDAR units this year," said Junwei Bao, CEO and
co-founder of Innovusion. "Innovusion is highly focused on enabling mass production while ensuring we create the highest
quality sensors for our customers. We look forward to further advancing LiDAR functionality and facilitating safer,
smarter and more efficient large-scale applications in the future."Pioneering Mass Production Through Forward-looking Design
Behind the delivery of a massive quantity of units lies a dedication to designing a comprehensive product matrix to meet
the ever-evolving needs of customers in the automotive and ITS industries. Innovusion's future-oriented product
development is based on the real, complex needs of automotive manufacturers and traffic technologies providers. The
company aims to continually solve customers' core engineering problems, develop timely product improvements and explore
innovative design solutions.
In 2021 Innovusion developed the world's first automotive-grade high-performance LiDAR supply chain from scratch. At
present, the company's lightweight production line has achieved 90% automation, ensuring timely and efficient
production. According to Yole Intelligence's report, the demand for vehicle-based LiDAR is continuing to grow rapidly
across the globe; market revenue is anticipated to rise to nearly $4.5 billion by 2028, up from $300 million in 2022.
Innovusion's annual production capacity is currently at over 300,000 units, and the company is planning new production
lines to meet the market's increasing demand.Cementing Key Partnerships to Advance the LiDAR Industry
This year, Innovusion announced partnerships with several companies across the globe, including Wideye, Exwayz and D2 Traffic, to bring cutting-edge LiDAR to the automotive and ITS industries for safer and smarter transportation. The company has
already been actively working with several other companies in the space, including NIO, TuSimple, EACON, Deepway, AUTRA
TECH, and MOGO Auto. These collaborations have helped drive Innovusion's growth and pursuit of advanced LiDAR solutions,
and the company will continue to develop solutions that meet the unique needs of the industry.About Innovusion
Innovusion is a leading global provider of image-grade LiDAR sensors that power a safer, smarter, and more mobile world
across the automotive, intelligent transportation, rail and industrial automation industries. With R teams and automotive-grade manufacturing bases in both the USA and China, Innovusion's portfolio of dynamic LiDAR
solutions help transform communities with safer mobility in mind, deliver better autonomous driving experiences, and
enable more accurate and efficient smart city development. Automotive-grade product, Falcon, has been a standard
configuration of the Aquila system for 8 NIO models, including the ET7, ES7, and ET5 since 2022 and with 150,000+ units
currently in use, continues to be mass produced as of today. For more information, please visit www.innovusion.com