Driven by demand, Innovusion's new production line is in the works and will enter mass production in December, it said.
(Image credit: Innovusion)
As of November, Innovusion's cumulative LiDAR deliveries have exceeded 200,000 units, the Nio (NYSE: NIO) supplier announced today.
Since the start of Nio ET7 deliveries in 2022, Innovusion has made steady product deliveries and realized cost reductions, efficiency gains, the company said.
Innovusion partnered with a forward-thinking and highly recognized customer over several years to complete a rigorous validation that facilitated the deliveries of nine models, it said.
Innovusion did not directly mention the name of that customer, though it is apparently Nio.
Currently, Innovusion has an annual capacity of more than 300,000 LiDARs, according to the company.
Driven by demand, Innovusion's new production line is already in the works and will enter mass production in December, it said.
Founded in 2016, Innovusion has R&D centers in Silicon Valley, Suzhou and Shanghai, and LiDAR manufacturing bases in Ningbo and Suzhou.
The ET7 is the first model to feature Innovusion's LiDAR, and with deliveries of the Nio sedan beginning on March 28, 2022, Innovusion's products officially begin to enter the market.
Since the ET7 began carrying Innovusion's image-grade, ultra long-range LiDAR Falcon, Nio's NT 2.0 platform-based models have come standard with the LiDAR product.
On May 24, Nio launched the new ES6 in China, and Innovusion published an article the next day stating that its 2 LiDAR manufacturing sites in Ningbo and Suzhou could operate efficiently and that there would be no capacity issues with the part.
On September 21, Nio unveiled its first in-house developed chip, Yangjian, a LiDAR master chip. The company said at the time that the chip would begin mass production in October.
The chip has the logos of Nio as well as Innovusion, and was jointly created by the two companies.
The Yangjian chip was defined by Innovusion and developed by Nio's R&D team, William Li, Nio's founder, chairman, and CEO, said in response to a question from CnEVPost at a media event in September.
Back to Innovusion, the company cited market research firm Yole Intelligence in today's press release as saying that it ranked No. 1 in global LiDAR market share in 2022.
Innovusion's global share in 2022 was 28 percent, followed by Valeo at 24 percent and Hesai Technology at 23 percent, a chart from Yole shows.
In addition to Nio, Innovusion is exploring other customers and plans to go public in the US.
On December 8, 2022, California-based electric vehicle maker Faraday Future (NASDAQ: FFIE) announced that it selected Innovusion's Falcon LiDAR to power the FF 91's autonomous driving system.
Innovusion has also partnered with a number of companies including TuSimple, a driverless technology company, and Mogo Auto, a Chinese self-driving startup.
Innovusion plans to issue up to 21,382,252 ordinary shares and list them on the Nasdaq exchange, according to an August 10 announcement by the China Securities Regulatory Commission.
