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.
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&D 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
Topic: Press release summary
Sectors: Electronics, Automotive
From the Asia Corporate News Network
Copyright © 2024 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.