Arbe Announces First Mass Quantity Commercial Preliminary Order from HiRain Technologies
Leading Chinese ADAS Tier 1 Supplier Issues a Preliminary Order for 340,000 Radar Chipsets, Moving Arbe into Mass Production Phase
TEL AVIV, Israel, Nov. 15, 2022 (GLOBE NEWSWIRE) -- Arbe Robotics Ltd. (NASDAQ: ARBE) a global leader in Perception Radar Solutions, announced today that HiRain Technologies, the leading Chinese ADAS Tier 1 supplier, placed its first mass quantity commercial preliminary order for 2023 and 2024, moving Arbe into the mass production phase. The order consists of 340,000 radar chipsets that will be supplied to HiRain’s customers throughout China.
“Arbe has developed a strong relationship with the industry-leading tier 1, HiRain, and both companies are working together to supply the most advanced radar solution to customers throughout China,” says Kobi Marenko, CEO of Arbe. “Taking the company into the mass production phase is a major milestone that marks both Arbe’s evolution as a company and the automotive industry’s progression into the next phase of cutting-edge safety.”
HiRainhas previously stated that it will engage in major OEM and autonomous driving projects with the Radar Solution it developed using Arbe's Perception Radar Chipset, and announced it expects to reach full mass production of its radar systemsin 2023.
Advanced radar systems are crucial sensors in the ADAS and autonomous perception suite since they operate in all weather and lighting conditions, enable advanced perception, provide unparalleled detection of stationary objects, and offer comprehensive mapping of the environment around the vehicle. Arbe’s perception radar is an affordable sensor that is critical for L2+ autonomy, democratizing safety by making it available to all vehicles, not just luxury cars, so that the entire automotive industry can benefit from the highest levels of safety available today.
Arbe (Nasdaq: ARBE), a global leader in Perception Radar Chipset Solutions, is spearheading a revolution in sensing, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. A critical sensor for L2+ and higher autonomy, Arbe solutions are 100 times more detailed than the most advanced radars on the market, providing full sensing coverage around the vehicle. Arbe has been selected by leading Tier 1s and car manufacturers to deliver advanced sensing and paradigm-changing perception to a wide range of vehicles and applications across the U.S., Europe, and Asia. Arbe is a leader in the fast-growing automotive radar market that has a projected total addressable market of $11 billion in 2025. For more information, visit arberobotics.com
Cautionary Note Regarding Forward-Looking Statements
This press release may contain “forward-looking statements” within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, both as amended by the Private Securities Litigation Reform Act of 1995. The words “expect,” “believe,” “estimate,” “intend,” “plan,” “anticipate,” “project,” “may,” “should,” “strategy,” “future,” “will,” “project,” “potential” and similar expressions indicate forward-looking statements. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Statements that are not historical facts, includer statements relating to the safety of the vehicles using Arbe’s chipset and its operation in the autonomous vehicles, the timing and extent of the implementation of the program by HiRain including the timing of mass production and Arbe’s ability to meet HiRain’s delivery schedule, the satisfaction of HiRain’s customers with the product, the effect of any present or future regulations by the government of China that affect autonomous vehicles, including the ability to deploy the system for highway use, the effect of any accidents by autonomous vehicles in China and elsewhere, whether using Arbe’s technology or other technology, on both acceptance of autonomous vehicles and regulations of autonomous vehicles. You should also consider the risk factors and uncertainties described in “Risk Factors,” “Management's Discussion and Analysis of Financial Condition and Results of Operations,” “Cautionary Note Regarding Forward-Looking Statements” in Arbe’s Annual Report on Form 20-F, filed with the Securities and Exchange Commission, or SEC, on March 31, 2022 and in Arbe’s prospectus dated June 22, 2022, which was filed by Arbe with the SEC on June 23, 2022, and its Post-Effective Amendment to its registration statement on Form F-1, filed with the SEC on June 28, 2022, as well as the other documents filed by Arbe with the SEC and any documents which are filed by Arbe prior to this press release. Accordingly, you are cautioned not to place undue reliance on these forward-looking statements. Forward-looking statements relate only to the date they were made, and Arbe does not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made except as required by law or applicable regulation.
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Media Contacts: DeeDee Rudenstein, Propel Strategic Communications 267-521-9654, firstname.lastname@example.org Shlomit Hacohen, Arbe Robotics Ltd., +972-54-5422432, email@example.com Miri Segal-Scharia, Investor Relations, 917-607-8654, firstname.lastname@example.org
Released November 15, 2022