By Greg Gao

(JW Insights) Apr 4 -- Chinese LiDAR maker Innovusion(图达通) sighed a cooperation agreement with the local government of Deqing, eastern China’s Zhejiang Province, to launch a plant there with an investment of RMB11 billion($1.6 billion), reported local media outlet on March 30.

Innovusion plans to build 35 LiDAR production lines, with an annual capacity of 5 million LiDARs. After the project is completed, the annual output value is expected to be about RMB15 billion($2.18 billion). It will attract upstream and downstream supporting enterprises to form a complete LiDAR industry supply chain.

The local government in Deqing County held a signing ceremony for 31 major industrial projects in the first quarter of 2023. They involve a total investment of RMB28 billion($4.1 billion).

Founded in 2016, Innovusion is a leading LiDAR provider with R&D centers in Silicon Valley, Suzhou, and Shanghai, and highly industrialized car-level LiDAR manufacturing bases in Ningbo of eastern China’s Jiangsu Province and Wuhan of central China’s Hubei Province.

In 2022, Innovusion’s LiDAR for new energy vehicles entered mass production. It delivered in-house ultra-long-range LiDAR Falcon for Chinese EV pioneer NIO’s ET7, ES7, and ET5.