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Investing.com -- Aeva Technologies (NASDAQ:AEVA) stock surged 8% on Wednesday after the company announced it had secured an exclusive contract to supply LiDAR technology to a top European passenger automaker for its global vehicle platform.
The multi-year production agreement will make Aeva the exclusive Tier-1 supplier of LiDAR technology for the unnamed global Top 10 automaker’s vehicle platform worldwide, excluding China. The contract extends into the mid-2030s, with Aeva’s production scheduled to begin in 2028.
According to the company, the automaker will standardize its Level 3 automated driving system using Aeva’s sensing and perception technology across its global vehicle platform, including internal combustion, hybrid, and electric models.
"After months of close collaboration, we’re honored to be selected by an industry leading automaker with millions of vehicles in annual production worldwide, for a long-term agreement to directly supply LiDAR technology for its global series production vehicles," said Soroush Salehian, Co-Founder & CEO of Aeva.
The contract follows the successful completion of a joint development program with the automaker and represents a significant milestone for Aeva’s Atlas Ultra 4D LiDAR technology. The company noted that this makes the European manufacturer the first major passenger car maker to transition from conventional 3D time-of-flight LiDAR to Aeva’s next-generation 4D LiDAR perception platform.
This agreement builds on Aeva’s existing momentum as a Tier-1 partner to major automotive manufacturers, including its exclusive long-range LiDAR production program with Daimler Truck. The company plans to share more details about the new production program in early 2026.
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