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Why Is Innoviz (INVZ) Stock Up 16% Today?

  • Innoviz (INVZ) stock is jumping on LiDAR news.
  • The company will supply its LiDAR tech to Volkswagen.
  • This has it acting as a Tier-1 supplier.
graphic of an orange car emanating an array of circular yellow, green and blue lines to signify light detection and ranging representing INVZ stock.

Source: shutterstock.com/temp-64GTX

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!

InvestorPlace is home to all of the hottest stock news for Tuesday! Among that is what has shares of Pinterest (NYSE:PINS) stock, AMTD Idea (NYSE:AMTD) stock and Revlon (NYSE:REV) stock moving today. You can find out all about these topics at the following links!

More Tuesday Stock Market News

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.


Article printed from InvestorPlace Media, https://investorplace.com/2022/08/why-is-innoviz-invz-stock-up-16-today/.

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