Why Shares of Innoviz Technologies Are Soaring Today

Innoviz Technologies (NASDAQ: INVZ) stock rose sharply Tuesday. As of 12:41 p.m. ET, shares of the lidar technology specialist were up 22.1%.

The news that revved up the engines of the bulls was that Volkswagen (OTC: VWAGY) had selected Innoviz to provide lidar sensors and software for its autonomous vehicle subsidiary.

In early May, Innoviz Technologies announced that it had inked a new contract with a major automaker, but did not at that time name the customer. Now investors know the mystery client was Volkswagen. CARIAD SE, a technology company that is a subsidiary of Volkswagen, selected Innoviz for its InnovizTwo next-generation lidar sensors and perception software.

Source Fool.com