Aeva Technologies (NASDAQ:AEVA) climbed 8% on Wednesday after revealing it had won an exclusive, long-term contract to provide its LiDAR systems to a leading European passenger vehicle manufacturer.
Under the multi-year production agreement, Aeva will serve as the sole Tier-1 LiDAR supplier for the automaker’s global vehicle platform outside of China. Production is expected to ramp up in 2028, and the deal runs well into the mid-2030s.
The carmaker plans to equip its global platform — spanning internal combustion, hybrid, and fully electric vehicles — with a standardized Level 3 automated-driving system built around Aeva’s sensing and perception technology.
“After months of close collaboration, we’re honored to be selected by an industry leading automaker with millions of vehicles in annual production worldwide, for a long-term agreement to directly supply LiDAR technology for its global series production vehicles,” said Soroush Salehian, Co-Founder & CEO of Aeva.
The agreement follows the completion of a joint development program between the two companies and marks a major milestone for Aeva’s Atlas Ultra 4D LiDAR. According to Aeva, this manufacturer will be the first major passenger OEM to shift from traditional 3D time-of-flight LiDAR to its next-generation 4D perception technology.
The win adds to Aeva’s growing presence as a Tier-1 supplier in the automotive sector, complementing its exclusive long-range LiDAR partnership with Daimler Truck. Aeva said it will release more details about the new production program in early 2026.