Cariad

Volkswagen Group announced a joint venture with Chinese company Horizon Robotics, investing €2.4 billion ($2.3 billion). Volkswagen's software unit CARIAD will hold a 60% stake in the venture, which will develop integrated chips for automated driving.

Volkswagen Group's software company CARIAD and Horizon Robotics intend to establish a joint venture in China, with CARIAD holding a 60% majority stake, to develop ADAS and autonomous driving solutions for the Chinese market. Volkswagen Group will invest in the cooperation.

Volkswagen Group will invest approximately EUR 2.4 billion in a cooperation between its software company CARIAD and Horizon Robotics, including a planned joint venture majority-owned by CARIAD, to develop ADAS and autonomous driving systems for the Chinese market. The transaction is expected to close in the first half of 2023.

Israeli lidar maker Innoviz announced it has won a contract to supply lidar units and related software to Volkswagen's software company Cariad, worth $4 billion over eight years starting mid-decade. Innoviz expects to supply units for between 5 million and 8 million Volkswagen Group vehicles.

Innoviz revealed a $4 billion order from Volkswagen Group's CARIAD for its InnovizTwo lidar sensors, to be used across several VW brands. The order was disclosed during Innoviz's first-quarter earnings call in May 2022.