Arbe and Weifu Group Announce Strategic Cooperation with DiDi Global's KargoBot, Empowering Safety for L4 Autonomous Trucks
The Three Parties Established a Cooperation Platform in China to Jointly Promote the R&D and Commercial Application of 4D Imaging Radar for Autonomous Driving
TEL AVIV, Israel, April 28, 2023 /PRNewswire/ -- Arbe Robotics Ltd. (NASDAQ: ARBE) ("Arbe"), a global leader in perception radar solutions, today announced that Arbe and Weifu High-Technology Group signed a strategic cooperation agreement with KargoBot, DiDi's autonomous freight company, to provide 4D Imaging Radars based on the Arbe proprietary chipset. The three parties agreed to establish a cooperation platform in China to jointly promote the R&D and commercial applications of 4D Imaging Radars in the field of autonomous driving, as announced by Weifu in a separate release earlier today.
DiDi Global is a leader in innovative mobility technology in China, providing safe, inclusive, and sustainable transportation and local services worldwide. KargoBot, DiDi's autonomous freight company, focuses on the R&D and commercial operation of autonomous driving technology for L4 autonomous trucks. In 2023, KargoBot obtained a commercial autonomous vehicle test license in Beijing. As of March 2023, KargoBot's cumulative revenue has exceeded 100 million yuan. Following an extensive evaluation process, KargoBot chose Weifu's imaging radar system based on Arbe's chipset to enhance safety in their autonomous trucks.
KargoBot has announced that it has developed an innovative, hybrid unmanned solution that consists of a lead driven vehicle equipped with a driver assist solution, followed by multiple L4 autonomous trucks. This solution can greatly improve the efficiency of various scenarios in commercial operations. At present, KargoBot has more than 100 autonomous trucks. Weifu will develop and produce 4D Imaging Radars utilizing the Arbe chipset to meet the needs of KargoBot's L4 autonomous driving system, including high-speed data processing, 360° perception, and real-time intelligent decision-making, to help autonomous vehicles provide safer and more reliable logistics and transportation services.
"As a well-known manufacturer of domestic auto parts, we are honored to be chosen by KargoBot to provide Imaging radars for L4 trucks, which have the most demanding safety standards and require advanced sensing capabilities," says Xu Yunfeng, CEO of the Weifu Group. "Our collaboration with Arbe allows us to deliver customized, cutting-edge imaging radar solutions with high performance, high perception, and high reliability to the rapidly growing autonomous driving and V2X markets. This strategic cooperation is a significant milestone in our mission to provide unrivaled safety and autonomy to the Chinese automotive industry."
Arbe's Perception Radar chipset revolutionizes automotive safety, providing ultra-high resolution to support advanced perception capabilities at mass market price, with top performance in all environments, weather, and lighting conditions. Arbe's solution leverages 2,304 virtual RF channels, complemented by robust processing supporting more than 100,000 detections per frame; it delivers imaging 100 times more detailed than the leading radar solutions on the market, enabling stationary object detection, false alarm elimination, and interference avoidance and mitigation.
"We are excited to announce that DiDi's KargoBot will be incorporating radars based on Arbe's chipset into their L4 trucks," says Kobi Marenko, CEO of Arbe. "As a recognized leader in the industry, their selection of Arbe's solution is a testament to the superiority of our advanced technology. The implementation of next generation imaging radars will advance the development of autonomous vehicles and contribute to a safer future for everyone."
KargoBot, Weifu, and Arbe agreed to continue to deepen the strategic cooperation and combine technology, capital, and talent to further develop advanced technological products, and accelerate the commercialization of autonomous driving solutions in the field of logistics and freight.
About Weifu High-Technology Group
Weifu High-Technology Group Co., Ltd. is a leading automotive component manufacturer and one of China's Top 500 enterprises. Headquartered in Wuxi, Jiangsu Province, Weifu has 17 wholly or mostly majority-owned subsidiaries and two joint ventures. The company is listed on the Chinese stock exchange and is partially state-owned. Since its foundation in 1958, Weifu has successfully upgraded and enlarged its original product series from fuel injection products to fuel injection systems, after treatment systems and air management systems, and built a competitive supply chain for automotive core components in China. In 2020, Weifu generated sales of approximately $1.94 billion and employed more than 7,050 people worldwide.
Arbe (NASDAQ: ARBE), a global leader in Perception Radar Chipset Solutions, is spearheading a radar revolution, enabling truly safe driver-assist systems today while paving the way to full autonomous-driving. Arbe's imaging radar is 100 times more detailed than any other radar on the market and is a mandatory sensor for L2+ and higher autonomy. The company is empowering automakers, tier-1 suppliers, manufacturers of delivery robots, commercial and industrial vehicles, and a wide array of safety applications with advanced sensing and paradigm-changing perception. Arbe is a leader in the fast-growing automotive radar market that has a projected total addressable market of $11 billion in 2025. Arbe is based in Tel Aviv, Israel, and has an office in the United States.
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, including any statements that are made at the investor and analyst event described in this press release, are forward-looking statements. You should carefully consider risks such as the risks relating to the market for and incorporation of Arbe's radar systems in autonomous vehicles, the development of safe autonomous vehicles that include Arbe's radar systems, the ability of Arbe to deliver products that meet the quality and delivery requirements of automakers (OEM's), the performance of the DiDi truck in operating conditions, the extent of orders for Arbe's chipsets, tier-1 automotive suppliers and the ability of the tier-1 suppliers and automakers to incorporate Arbe's radar system in vehicles in a manner to enable the Arbe radar systems to function as intended, the safe installation of Arbe's radar on autonomous vehicles, the effect of any present and future government regulations relating to autonomous vehicles, the ability of the tier-1 and automakers to maintain the systems on an ongoing basis, and the risk factors and uncertainties described in "Cautionary Note Regarding Forward-Looking Statements," "Item 5. Operating and Financial Review and Prospects'' and Item 3. Key Information –Risk Factors'' Arbe's Annual Report on Form 20-F for the year ended December 31, 2022, which was filed with the Securities and Exchange Commission on March 22, 2023, 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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Released April 28, 2023