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SoftBank-backed Innoviz partners with China's Shaanxi for self-driving trucks

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02/12/2020 | 12:05am EDT

SoftBank-backed Innoviz Technologies, which makes sensors for self-driving vehicles, said on Wednesday it had partnered with China's Shaanxi Heavy Duty Automobile Co to deploy 600 autonomous trucks at one of the biggest ports in China.

The company's remote sensing technology, lidar, which uses pulsed laser light as a radar uses radio waves, is seen by experts as a crucial element for self-driving vehicles.

Israel-based Innoviz, backed by tech and auto-parts suppliers Aptiv Plc and Magna International Inc respectively, was founded in 2016. The company had raised $170 million in a private investment round in June last year.

Innoviz had also forged a deal with BMW in 2018 to supply lidar-equipped cars in 2021.

(Reporting by Ambhini Aishwarya in Bengaluru; Editing by Vinay Dwivedi)

Stocks mentioned in the article
ChangeLast1st jan.
APTIV PLC -5.05% 43.29 Delayed Quote.-54.42%
BMW AG -0.26% 44.75 Delayed Quote.-38.82%
EURO / ISRAELI NEW SHEKEL (EUR/ILS) 0.13% 3.9265 End-of-day quote.-3.98%
MAGNA INTERNATIONAL INC. -1.96% 41.06 Delayed Quote.-42.33%
SAMSUNG ELECTRONICS CO., LTD. -0.21% 47750 End-of-day quote.-0.52%
SOFTBANK GROUP CORP. 2.57% 3788 End-of-day quote.1.34%
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