Innoviz Technologies Ltd (NASDAQ:INVZ) shares are trading higher Monday after the company announced that a large vehicle manufacturer selected Innoviz as its direct LiDAR supplier across multiple brands.
The decision follows more than two years of extensive diligence and qualification and is expected to increase Innoviz's forward-looking order book by $4 billion to $6.6 billion.
Innoviz is a provider of high-performance LiDAR sensors and perception software.
Innoviz is set to announce its first-quarter financial results before the market opens on May 11. The company said it would provide further details about Monday's announcement on the earnings call.
See Also: Why Activision Blizzard Shares Are Rising Today
INVZ 52-Week Range: $2.89 - $11.77
According to data from Benzinga Pro, the stock was up 13.9% at $4.60 at press time.
Photo: courtesy of Innoviz.
