The Latest SPAC News and Rumors: August 2, 2022

Below is a daily summary of links to the latest SPAC news and rumors gathered across the web. 

Latest SPAC News: Lidar maker Innoviz wins $4 billion Volkswagen contract

Israeli lidar maker Innoviz wins $4 billion Volkswagen contract for millions of sensors

Israeli lidar maker Innoviz (NASDAQ:INVZ) announced Tuesday it has won a contract to supply lidar units and related software for autonomous driving to a unit of Volkswagen, in a deal worth $4 billion in sales over eight years.

Under the deal, Volkswagen will incorporate Innoviz’s latest automotive lidar unit and its proprietary perception software into vehicles across its portfolio.

Innoviz, which went public via a merger with Collective Growth Corp. in late 2020, had previously announced the deal but had not revealed its client. The lidar maker said in May that it had won a deal with “one of the largest vehicle manufacturers in the world” to “become its direct lidar supplier across multiple brands.”