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Volkswagen buys $4 billion worth of self-driving car technology

At Volkswagen they are immersed in the development of the new technology that will be incorporated into their marketed vehicles in the coming years, and this is nothing more than their own autonomous driving. Numerous company vehicles have already been seen carrying out tests in various German cities, including Herbert Diess, former CEO of the Volkswagen Group, tested this technology on an ID.Buzz through the streets of Munich a few months ago. Now, the German company is making progress in achieving a vehicle with autonomous capabilities and acquires $4 billion worth of hardware and software technology from Innoviz Technologies.

This agreement was signed with the technological division of Volkswagen, CARIAD, and includes the supply of currently essential components for achieving the aforementioned autonomous driving of its vehicles. Among them are LiDAR sensors that the Volkswagen Group will use for driving assistance systems from its next launches; later they will also be incorporated into the components for full autonomous driving.

As confirmed by Omer Keilaf, CEO and co-founder of Innoviz, the company’s board is totally delighted with the completion of this agreement, as it will represent an important advance in the achievement of autonomous driving technology, as well as supporting a safer personal mobility. Another of the advances that they will provide to Volkswagen will be the management software for sensors and cameras that will be located around the model in question.

Volkswagen signs an agreement with Qualcomm for the technology of its autonomous vehicles
Volkswagen is already testing autonomous technology on its ID.Buzz in Germany

Today, Innoviz Technologies has an order book valued at over $6.6 billion, which is more than 13 times the valuation of the company itself, which is around 500 million dollars. The agreement with Volkswagen itself is already almost 8 times the price of the company itself.

However, this is not the only agreement closed by the Volkswagen Group and its technological department CARIAD to achieve autonomous driving of its vehicles. In recent months they have also done the same with Bosch, Qualcomm and STMicroelectronics. In addition to this, the automobile group itself invested 2,600 million dollars in the startup American Argo AI, in addition to another several billion dollars in the development of its own autonomous driving technology.

They claim that the LiDAR sensor technology that Innoviz will provide to the Volkswagen Group is one of the most developed in the world. Its own creators assure that it can have a greater perception and see better than a human driver, which reduces the chances of error in its daily operation. This technology will also soon be supplied to BMW, who has an agreement for these LiDAR sensors.

The Volkswagen Group is currently continuing its development tests of this technology on the streets of German cities and with specially adapted vehicles, such as the Volkswagen ID.Buzz that was presented a few months ago. From the automobile conglomerate they hope to have a first step on this advance ready at the end of this same decade.

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