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

Published date01 February 2024
AuthorDubi Ben-Gedalyahu
Publication titleGlobes (Rishon LeZion, Israel)
Innoviz has major supply contracts with at least two carmakers: BMW Group, which has begun to install Innoviz's sensors in its serial production, including the BMW series 7; and Volkwagen Group, which will install the Innoviz LiDAR sensor in vehicles with high levels of autonomy over the next two years. These contracts have yet to generate significant revenue for the company

Innoviz said, "As a result of the strategic realignment actions, Innoviz plans to decrease its employee headcount by approximately 13% and expects to reduce its 2024 planned cash outlays by $22-24 million on an annualized basis. Cash savings are expected to begin in the first quarter of 2024 with run rate savings expected to be achieved by the end of the second quarter of 2024. Cash costs associated with the strategic actions are expected to be minimal."

Innoviz Co-Founder and CEO Omer Keilaf said, "Innoviz is at an important point in its growth trajectory. The company is in a...

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