Innoviz (NASDAQ:INVZ) stock is on the rise Tuesday as investors react to news that Volkswagen (OTCMKTS:VWAGY) entered into an agreement with it.
This will have Innoviz supplying Volkswagen with LiDAR sensors and perception software to CARIAD. This is the development group working on automated vehicles inside Volkswagen. This has it designated as a Tier-1 supplier for the first time.
According to the Innoviz press release, this is its third booking for its LiDAR products. That has the LiDAR company updating its order book to $6.6 billion.
Omer Keilaf, CEO of Innoviz, said the folllwing about the deal boosting INVZ stock higher today.
“We are thrilled to work with the CARIAD team and be a supplier of LiDAR sensors and perception software to support safe mobility for vehicles launching from the middle of the decade. CARIAD is a leading player in the transformation of the whole automotive space. We are proud to be part of their mission.”
Investors Are Piling into INVZ Stock
Today’s news also brings with it heavy trading to INVZ stock. As of this writing, more than 6 million shares of the stock have changed hands. That’s a massive increase compared to the company’s daily average trading volume of about 1.6 million shares.
INVZ stock is up 16.3% as of Tuesday morning. However, the stock is still down 25.6% since the start of the year.
There’s more recent stock market news traders will want to know about below!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.