[240206] #Innoviz #Motional #Outsight

1. Israeli auto-tech co Innoviz lays off 13% of workforce

• • Israeli LiDAR sensor developer Innoviz Technologies is laying off 13% of its workforce, which amounts to dozens of employees.
  • The company’s LiDAR sensors are crucial for autonomous cars, with major supply contracts with BMW Group and Volkswagen Group.
  • The layoffs are part of a strategic realignment aimed at reducing the company’s 2024 planned cash outlays by $22-24 million annually.
  • Innoviz aims to achieve cash savings starting in the first quarter of 2024, with run rate savings expected by the end of the second quarter of 2024.
  • The company’s CEO, Omer Keilaf, states that these actions are intended to optimize the company’s cost structure, enhance competitive positioning, and extend the cash runway during a crucial market capture window.
  • Innoviz’s share price rose by 3.64% on Nasdaq to $1.71, with a market cap of $282 million.

2. Autonomous vehicle company Motional is about to lose a key backer

• • Motional, an autonomous vehicle company, is losing capital support from Aptiv, one of its primary backers, as it aims to launch a robotaxi service in 2024.
  • Aptiv, the other half of the $4 billion joint venture with Hyundai that created Motional, will no longer allocate capital to Motional due to the high costs associated with deploying a robotaxi service.
  • Motional operates an autonomous vehicle taxi service in Las Vegas on Uber, Lyft, and Via platforms, with human safety operators still present.
  • Aptiv is exploring steps to reduce a significant portion of its common equity while working within the joint venture agreement.
  • Motional downplays Aptiv’s decision, stating confidence in its funding roadmap and positioning for the next phase of commercialization.
  • Motional was formed in 2019 as a joint venture between Hyundai and Aptiv, with a combined investment of $4 billion to commercialize self-driving cars.
  • The original target was to test autonomous vehicles in 2020 and commercialize the technology by 2022, but industry adjustments have shifted these targets.
  • Motional has made progress towards launching a robotaxi service in 2024, with plans to use driverless Hyundai Ioniq 5 vehicles and collaborations with Kia on a next-generation vehicle.

3. China’s XPeng is bringing its Tesla FSD equivalent to overseas owners

• • Chinese electric vehicle company XPeng aims to enter the international market and plans to leverage its smart driving software as a selling point.
  • XPeng announced its intention to develop the highway-specific Navigation Guided Pilot (NGP) for global users in 2024.
  • The international version of XPeng’s next-generation, all-purpose XNGP feature is set to commence development in 2025.
  • XNGP is comparable to Tesla’s Full-Self Driving (FSD) system and encompasses all of XPeng’s advanced driver assistance system (ADAS) features, including highway and urban driving as well as self-parking.
  • XPeng’s founder and CEO, Xiaopeng He, expressed the company’s goal of enabling overseas users to access XPeng’s autonomous driving capabilities already available in China.
  • XPeng initially used high-definition maps for navigation but has recently removed pre-computed information, allowing vehicles to drive anywhere using real-time road condition detection through sensors like lidars and radars.

4. Outsight and PreAct Technologies Partner to Break New Ground in People Flow Tracking With Advanced Spatial AI

• • Outsight, a leader in 3D Spatial AI Software Solutions, has partnered with PreAct Technologies, a pioneer in near-field flash LiDAR technology.
  • The collaboration aims to revolutionize Smart Infrastructure and People Flow Monitoring by making high-resolution LiDAR technology more affordable and accessible.
  • PreAct’s approach has reduced LiDAR system costs up to tenfold without compromising resolution, making it an economically viable solution for various industries.
  • Outsight’s Spatial AI Software Platform complements PreAct’s LiDAR technology, enabling large-scale deployment in applications requiring detailed spatial analysis and monitoring.
  • The partnership is especially impactful for smart city infrastructure, retail, transportation hubs, and other contexts needing efficient people flow management in high-density areas.
  • The integrated solution promises to deliver smarter, safer, and more sustainable environments through advanced Spatial Intelligence.

5. Isuzu signs onto multi-business autonomous bus project

• • Isuzu Motors has joined an agreement with five other companies, including Mitsubishi Corporation, focusing on leveraging digital transformations, especially in autonomous driving services, to enhance regional public transport.
  • The collaborative project involves Isuzu, Mitsubishi Corporation (MC), Hiratsuka City, Kanagawa Chuo Kotsu, Aisan Technology, and A-Drive, with a specific emphasis on autonomous driving services in Kanagawa Prefecture’s Hiratsuka City in Japan.
  • Isuzu’s recent efforts in addressing logistics and mobility challenges through digital transformation align with the goals of the autonomous driving project, particularly in advancing autonomous bus transport.
  • The agreement includes a commitment to conduct a self-driving bus proof of concept in Hiratsuka City, aiming to contribute to improving regional public transport in collaboration with the local government.
  • The collaboration’s overarching objective is to revitalize Japan’s regional communities by offering modern, convenient, accessible, and sustainable public transport services.