Preparations for Serial Production Implementation Will Begin
Immediately
TEL
AVIV, Israel, July 1, 2024
/PRNewswire/ -- Arbe Robotics Ltd. (Nasdaq: ARBE) (TASE:
ARBE), a global leader in Perception Radar solutions, today
announced that one of the top ten OEMs worldwide has selected
Arbe's chipset for the development of its next-generation imaging
radar aimed at serial production. This major milestone underscores
Arbe's leadership in radar technology and paves the way for
substantial commercial growth.
The OEM, which is one of the automotive manufacturers named in
connection with Arbe's recent convertible debenture offering on the
TASE, has confirmed that preparations for serial production
implementation will begin immediately. The selection follows a
comprehensive competitive technical evaluation process and field
testing of Arbe's chipset.
The selection of Arbe's technology presents a significant
commercial opportunity due to its applicability across a wide range
of vehicle classes. Moreover, this project is slated for an
accelerated market entry.
"Being chosen by one of the top OEMs in the world is a landmark
achievement for Arbe. We believe that by aligning with a major OEM,
Arbe is well-positioned to capitalize on the growing demand for
advanced radar systems and expects a ramp-up in sales and market
share in the near future," said Kobi
Marenko, CEO of Arbe. "This selection of the Arbe solution
following a thorough evaluation validates our technological
leadership. We look forward to a successful implementation, which
will drive significant value for the industry."
About Arbe
Arbe, a global leader in Perception Radar solutions, is
spearheading a radar revolution, enabling truly safe driver-assist
systems today while paving the way to full autonomous-driving.
Arbe's radar technology is 100 times more detailed than any other
radar on the market and is a critical sensor for L2+ and higher
autonomy. The company is empowering automakers, Tier 1 suppliers,
autonomous ground vehicles, commercial and industrial vehicles, and
a wide array of safety applications with advanced sensing and
paradigm changing perception. Arbe, a leader in the fast-growing
automotive radar market, is based in Tel
Aviv, Israel, and has offices in China, Germany, and the
United States.
Cautionary Note Regarding Forward-Looking Statements
This press release contains "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," "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. These risks and uncertainties include, but are not
limited to the successful implementation of the development program
by the major OEM, the placement of orders with Arbe by the OEM and
the OEM being satisfied with the quality, performance and the
timing of the delivery of Arbe's chipset, the effect on the
Israeli economy generally and on Arbe's business resulting from the
terrorism and the hostilities in Israel and with its neighboring countries
including the effects of the continuing war with Hamas and any
further intensification of hostilities with others, including
Iran and Hezbollah, and the effect
of the call-up of a significant portion of its working population,
including Arbe's employees; the effect of any potential boycott
both of Israeli products and business and of stocks in Israeli
companies; the effect of any downgrading of the Israeli economy and
the effect of changes in the exchange rate between the US dollar
and the Israeli shekel; and the risk and uncertainties described in
"Cautionary Note Regarding Forward-Looking Statements," "Item 3.
Key Information – D. Risk Factors" and "Item 5. Operating and
Financial Review and Prospects" and in Arbe's Annual Report on Form
20-F for the year ended December 31,
2023, which was filed with the Securities and Exchange
Commission (the "SEC") on March 28,
2024, as well as other documents filed by Arbe with the SEC.
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.
Information contained on, or that can be accessed through,
Arbe's website or any other website or any social media is
expressly not incorporated by reference into and is not a part of
this press release.
Logo:
https://mma.prnewswire.com/media/803813/Arbe_Robotics_Logo.jpg
View original
content:https://www.prnewswire.com/news-releases/arbe-selected-by-top-oem-for-the-development-of-imaging-radar-for-production-302186734.html
SOURCE Arbe