- Oops!Something went wrong.Please try again later.
- Oops!Something went wrong.Please try again later.
TEL AVIV, Israel, Nov. 2, 2021 /PRNewswire/ -- Arbe Robotics Ltd. (Nasdaq: ARBE) ("Arbe"), a global leader in next-generation 4D Imaging Radar Solutions, announced today that Weifu High-Technology Group, a major tier 1 supplier in the Chinese automotive market, is launching the customer road pilot phase of its Arbe-based Radar Systems, by manufacturing complete radar systems using Arbe's Imaging Radar Chipset and delivering them to leading autonomous driving companies and major automotive OEMs. Weifu said that it is scheduled to be in full production by the end of 2022.
"Arbe's ultra-high-resolution Imaging Radar chipset is by far the most advanced radar solution on the market today," says Qu Cao, Vice Director of New Energy and Connection Technology Development of Weifu. "We believe that our relationship with Arbe will help accelerate ADAS and autonomous vehicle disruption by providing a 4D Imaging Radar Solution delivering unparalleled safety. Arbe transformed the functionality of radar by adding high-level capabilities and functionality at a price point competitive to any other solution on the market."
Weifu is developing radar systems, based on Arbe's technology and the OEM's individual requirements, and has a radar manufacturing plant in China. The collaboration focuses on mass market production, safety compliance, and providing customized 4D Imaging Radar Solution to automotive OEMs and for autonomous vehicles, trucks, commercial vehicles, and traffic applications.
"China is the largest vehicle market in the world, furthering our relationship with Weifu is a great next step towards addressing the tremendous business opportunities in the region," says Kobi Marenko, Chief Executive Officer of Arbe. "Our relationship with Weifu will ensure that vehicles in China will be equipped with Arbe's 4D Imaging Radar Chipset Solution, providing an unparalleled level of safety to vehicles, using superior object detection and advanced perception capabilities to prevent accidents."
Arbe's chipset provides ultra-high resolution and supports over 100,000 detections per frame and includes a radar antenna with a form factor that fits automakers sizing and mounting specifications.
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 next-generation 4D Imaging 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, autonomous ground vehicles, 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 an estimated 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 contains certain "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 statements about Arbe and Weifu and the sampling described in this press release, and the parties' perspectives and expectations, are forward-looking statements. Such statements include, but are not limited to, statements regarding the sampling and expected growth opportunities for Arbe, anticipated future financial and operating performance and results attributable therefrom, the expected timing of the implementation of the results of the testing by autonomous driving companies, the acceptance by autonomous driving companies and major automotive OEMs of Weifu's radar systems using Arbe's chipsets, the timing of full production, what constitutes full production, the inclusion of Arbe's chipset in the full production product, the ability and willingness of automotive OEMs in China to purchase in substantial quantity systems using Arbe's chipset, and Arbe's ability to deliver the chipsets at the price and in accordance with the schedule required by Weifu and its customers. You should carefully 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" and the additional risk described in amendment no. 1 to the registration of Form F-1, which was filed by Arbe with the Securities and Exchange Commission on October 29, 2021, as well as the 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.
View original content to download multimedia:https://www.prnewswire.com/news-releases/weifu-has-started-shipping-arbe-based-automotive-radar-units-for-customer-pilots-declaring-they-are-on-track-to-reach-full-production-by-the-end-of-2022-301413876.html