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TEL AVIV - Innoviz Technologies Ltd. (NASDAQ:INVZ), a supplier of automotive-grade LiDAR sensors, announced Tuesday it has shipped the first InnovizTwo LiDAR units from Fabrinet’s (NYSE:FN) high-volume production line. Fabrinet, with a market capitalization of $10.27 billion and impressive year-to-date returns of over 30%, has demonstrated strong operational execution.
This development represents a production milestone for Innoviz as it works to scale manufacturing of LiDAR technology for autonomous vehicles. The shipment follows months of collaboration between the companies to establish production procedures that meet quality standards.
"Shipping the first InnovizTwo units from Fabrinet is a critical achievement for us," said Ido Luski, Innoviz’s Co-Chief Operation Officer, in a press release statement. "This milestone proves that we are well positioned to ramp up production, scale our operations and meet growing demand efficiently."
Fabrinet, which was previously announced as Innoviz’s manufacturing partner for the InnovizTwo LiDAR product platform, operates manufacturing facilities across the United States and Asia. This geographic footprint is intended to help Innoviz scale production to meet demand from automotive OEMs and mobility companies.
Innoviz serves as a Tier-1 supplier to automotive manufacturers, with its LiDAR and perception software designed to meet automotive industry standards for performance and safety. The company operates across the U.S., Europe, and Asia.
The announcement comes as various automotive manufacturers continue developing autonomous driving capabilities that rely on sensors like LiDAR to enable vehicles to detect and respond to their surroundings.
In other recent news, Fabrinet has seen significant developments impacting its financial outlook and strategic direction. Rosenblatt has raised its price target for Fabrinet to $290, maintaining a Buy rating, citing the company’s competitive edge in optical components and its expansion into adjacent markets. The firm anticipates growth driven by new technologies and partnerships, including a telecom win with Ciena and a high-performance computing deal with Amazon. Meanwhile, JPMorgan has adjusted its price target to $235, maintaining a Neutral rating, following Fabrinet’s recent financial results that exceeded expectations but raised concerns about sustained growth. The company reported a surge in Telecom revenues and anticipates future growth in Datacom, supported by its role as the initial sole supplier for 1.6T products.
Additionally, Fabrinet announced the retirement of board member Rollance Olson, effective at the end of his current term, with no disagreements cited regarding company operations. This transition comes as Fabrinet continues to navigate the competitive landscape of high-precision manufacturing, with investors closely watching the upcoming annual general meeting for further board developments. In a related move, Innoviz Technologies has partnered with Fabrinet to begin mass production of its InnovizTwo LiDAR platform, expected to support project starts and volume ramps in the coming years. This partnership highlights Fabrinet’s strong global manufacturing presence and its role in enabling Innoviz’s strategic production goals.
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