Aeva, a pioneer in next-generation LiDAR technology, scored a major coup today, securing a Tier 1 supplier contract with a top global automotive OEM for its series production vehicle program. This landmark deal marks Aeva’s transition to a direct Tier 1 supplier and its first major production win with such a prominent manufacturer.
Unveiling the Future of LiDAR: The contract replaces the incumbent 3D Time-of-Flight LiDAR with Aeva’s revolutionary 4D LiDAR technology. This groundbreaking system uniquely measures both distance and velocity simultaneously, providing autonomous vehicles with a richer and more dynamic understanding of their surroundings.
A Defining Moment for Aeva and Beyond: “This win is a watershed moment for Aeva and the entire automated driving industry,” declared Soroush Salehian, Aeva’s Co-Founder and CEO. “It represents one of the largest production design wins with an OEM embracing FMCW technology, and it signifies Aeva’s arrival as a major player in the automotive Tier 1 landscape.”
Revenue Growth Trajectory Confirmed: The multi-year production program is expected to generate revenue as early as Q1 2024, with a significant ramp-up projected by mid-decade. Further details regarding this groundbreaking partnership will be revealed jointly by Aeva and the OEM in the coming weeks.
The Aeva Advantage: Aeva’s 4D LiDAR technology stands out by integrating all key LiDAR components onto a compact silicon photonics chip. This revolutionary approach delivers superior performance, reduced size and weight, and lower cost compared to traditional LiDAR systems.
Transforming Autonomy across Industries: Aeva’s mission extends beyond automobiles, aiming to deliver next-generation perception capabilities to a diverse range of applications, including industrial robotics, consumer electronics, healthcare, and security.
About Aeva Technologies, Inc. (NYSE: AEVA):
Aeva is a disruptive force in the field of sensing and perception, empowering intelligent devices across industries with its groundbreaking 4D LiDAR technology.