Leading Chinese Tier 1 Supplier, Weifu Group, Placed a
Preliminary Order for $11.6M of Radar
Chipsets and a $1M Order of
Professional Services to Meet 2024 Sales Projections
TEL
AVIV, Israel, July 28,
2023 /PRNewswire/ -- Arbe Robotics Ltd. (NASDAQ:
ARBE), a global leader in Perception Radar Solutions, announced
today that Weifu High-Technology Group, a prominent tier 1
supplier in the Chinese automotive market, has issued an
$11.6 million preliminary order for
Arbe radar chipsets, for its estimated requirements for 2024. Arbe
is committed to providing Weifu with the capacity and support for
its growth in the market.
In addition, Weifu has placed a $1
million order of professional services for radar systems
design based on the Arbe chipset, including: engineering services,
setup of a testing lab, and advanced support from Arbe, for the
upcoming 12 months, further strengthening the collaboration between
the two companies.
"We are seeing strong demand for perception radar from the
Chinese market," says Xu Yunfeng, CEO of the Weifu Group. "Our
strong collaboration with Arbe signifies our commitment to
providing our customers with the most advanced radar technology,
enabling them to innovate and advance ADAS and autonomous vehicle
development with a safety-first approach."
Arbe and Weifu have been collaborating since 2019, serving the
automotive industry in China.
Weifu is focused on developing radar systems based on Arbe's
chipset and delivering customized perception radar systems to
automotive OEMs, trucks, commercial vehicles, and traffic
operations.
"China is one of the fastest
growing automotive industries in the world," says Kobi Marenko, CEO of Arbe. "The preliminary
order from Weifu exemplifies the accelerated progress of the
automotive market in this region, with key players seeking
perception radar solutions that can provide comprehensive free
space mapping of a vehicle's surroundings."
Arbe's perception radar chipsets offer advanced capabilities
that address recent causes of ADAS and autopilot accidents,
prioritizing the safety of drivers, pedestrians, and other
vulnerable road users. Its advanced capabilities include free space
mapping around the vehicle, stationary object detection across the
entire field of view, while eliminating false alarms.
About Weifu High- Technology Group
WEIFU HIGH-TECHNOLOGY GROUP CO., LTD. is a leading
automotive component manufacturer, one of top 30 enterprises in
China's automotive component
industry. Headquartered in Wuxi, Jiangsu
Province, Weifu has 21 wholly or mostly
majority-owned subsidiaries. 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
2022, Weifu generated sales of approximately $1.77 billion and employed more
than 7,050 people worldwide.
About Arbe
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 "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: (i) the extent of binding purchase orders from the
preliminary orders made by Weifu; (ii) Arbe's ability to
develop the radar system to be developed pursuant to the
professional services unit, Arbe's ability to develop or assist it
the development of such radar product and Weifu's ability to
successfully market and sell such radar systems; (iii) Arbe's
ability to obtain design-ins during 2023; (iv) unanticipated delays
or difficulties in connection with the evaluation of Arbe's
products in evaluation and test programs; (v) Arbe's ability to
have products manufactured for it by its third party supplier that
meet Arbe's and its customers', including Weifu's, quality
standards and delivery requirements; (vi) Arbe's ability to
leverage its existing relationships and secure orders resulting
from the test programs; (vii) Arbe's ability to meet its projected
revenue level and its ability to operate profitably; (viii) Arbe's
ability to meet its timetable both to achieve full production and
to meet the delivery requirements of its customers; (ix) the
development of safe autonomous vehicles that include Arbe's radar
systems; (x) Arbe's expectation that it will obtain orders from
Tier 1 suppliers and automakers that would build the radars based
on its Chipset solution; (xi) Arbe's belief that the Arbe Radar
Chipset and Lynx Surround Imaging Radar herald a breakthrough in
radar technology that provide Tier 1 suppliers and automakers with
the ability to replace the current radars with an advanced solution
that meets the safety requirements of Euro-NCAP and NHTSA for
autonomous vehicles at all levels of autonomous driving; (xii) the
ability of its Tier 1 customers to successfully market radar
systems using Arbe's radar to automobile manufacturers; (xiii)
Arbe's ability to develop and market products based on its radar
technology for uses outside of the automotive industry; (xiv)
accidents or bad press resulting from accidents involving
autonomous driving vehicles, even those using radar products from
other companies or based on other technology and the effect of any
accidents with vehicles using Arbe's radar system; (xv) the effect
of laws and changes in laws that have an effect on the market for
or the requirement for autonomous vehicles; (xvi) Arbe's belief
that an increased demand for autonomous vehicles and the transition
to mass production of Level 2 and higher autonomous vehicles,
requiring advanced systems for automatically integrating vehicles
in traffic and preventing traffic accidents, are expected to
increase the demand for products in Arbe's field of activity; (xv)
changes or inaccuracies in market projections; as well as the risk
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" in
Amendment No. 1 to Arbe's Annual Report on Form 20-F/A for the year
ended December 31, 2022, which was
filed with the Securities and Exchange Commission on May 9, 2023 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 is expressly not incorporated
by reference into and is not a part of this press release.
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