Magna Makes Strategic Investment in Solid-state LiDAR Developer Innoviz

  • Magna invests in Innoviz Technologies Ltd. to expand existing collaboration with solid-state LiDAR technology innovator
  • Incorporation of Innoviz's LiDAR technology enhances Magna's Level 3/4/5 autonomous driving sensor solutions
  • Investment demonstrates Magna's commitment to continue investing in leading edge automotive technologies

AURORA, ON, Aug. 29, 2017 /CNW/ - Magna has recently made a strategic investment to expand its existing collaboration with Innoviz Technologies Ltd., a pioneer in solid-state LiDAR technology. Magna started collaborating with Innoviz in December 2016.

Magna has been steadily expanding its overall suite of sensor technologies and features that enable Level 3/4/5 autonomous driving capabilities.

"As a market leader in advanced driver-assistance systems, Magna continues to accelerate our development and investments in industry-leading technologies to enable future mobility systems," said Swamy Kotagiri, Magna's Chief Technology Officer. "Solid-state LiDAR is a crucial piece of the puzzle as we integrate multiple technologies that position us as the go-to supplier to meet and exceed our customers' autonomous needs."

Innoviz's solid-state LiDAR can provide high-definition, 3D, real-time images of the vehicle's surroundings regardless of changing light and weather conditions. It can be easily integrated into any vehicle at significantly reduced cost compared to commercially available LiDAR technologies with comparable performance.

"With its renowned expertise, advanced product offering and strong market position, Magna has proven itself as a pioneer in the field of autonomous driving, and we are honored to work with the Magna team to help bring smarter and safer LiDAR technology to market," said Omer Keilaf, co-founder and CEO of Innoviz. "This strategic investment affirms that our groundbreaking LiDAR technology lives up to the high standards Magna has set for safety and performance, and if it can adhere to Magna's standards it can become the industry standard as well."

Magna will demonstrate its autonomous driving enabling technologies, including Innoviz's solid-state LiDAR technology, at the upcoming 2017 International Motor Show (IAA) in Frankfurt, Germany, Hall 8, booth D34.

TAGS
Autonomous, self-driving, sensors, level four, level 4, LiDAR

ABOUT MAGNA
We are a leading global automotive supplier with 327 manufacturing operations and 100 product development, engineering and sales centres in 29 countries. We have over 161,000 employees focused on delivering superior value to our customers through innovative products and processes, and world class manufacturing. We have complete vehicle engineering and contract manufacturing expertise, as well as product capabilities which include body, chassis, exterior, seating, powertrain, active driver assistance, vision, closure and roof systems. We also have electronic and software capabilities across many of these areas.  Our common shares trade on the Toronto Stock Exchange (MG) and the New York Stock Exchange (MGA). For further information about Magna, visit our website at www.magna.com.

ABOUT INNOVIZ TECHNOLOGIES
Innoviz develops cutting-edge LiDAR remote sensing solutions to enable the mass commercialization of autonomous vehicles. The company's LiDAR products, InnovizOne™ and InnovizPro™, offer solid-state design that uses Proprietary technology to deliver superiorperformance at the cost and size required for mass market adoption. Headquartered in Israel, the company was founded in January 2016 by former members of the elite technological unit of the Israeli Defense Forces with renowned expertise in the fields of electro-optics, computer  vision, MEMS design and signal processing. Innoviz is backed by strategic partners and top-tier investors. For more information, visit www.innoviz.tech.

THIS RELEASE MAY CONTAIN STATEMENTS WHICH CONSTITUTE "FORWARD-LOOKING STATEMENTS" UNDER APPLICABLE SECURITIES LEGISLATION AND ARE SUBJECT TO, AND EXPRESSLY QUALIFIED BY, THE CAUTIONARY DISCLAIMERS THAT ARE SET OUT IN MAGNA'S REGULATORY FILINGS. PLEASE REFER TO MAGNA'S MOST CURRENT MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND FINANCIAL POSITION, ANNUAL INFORMATION FORM AND ANNUAL REPORT ON FORM 40-F, AS REPLACED OR UPDATED BY ANY OF MAGNA'S SUBSEQUENT REGULATORY FILINGS, WHICH SET OUT THE CAUTIONARY DISCLAIMERS, INCLUDING THE RISK FACTORS THAT COULD CAUSE ACTUAL EVENTS TO DIFFER MATERIALLY FROM THOSE INDICATED BY SUCH FORWARD-LOOKING STATEMENTS. THESE DOCUMENTS ARE AVAILABLE FOR REVIEW ON MAGNA'S WEBSITE AT WWW.MAGNA.COM.

SOURCE Magna International Inc.

For further information: MAGNA INVESTOR CONTACT: Louis Tonelli, Vice-President, Investor Relations, louis.tonelli@magna.com, 905.726.7035; MAGNA MEDIA CONTACT: Tracy Fuerst, Global Director of Corporate Communications & PR, tracy.fuerst@magna.com, 248.631.5396; INNOVIZ MEDIA CONTACT: Matt McAllister, Fluid PR & Communications, matt@fluidspeak.com, 510.229.9707

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Magna International Inc.

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