Arbe Robotics Ltd. (NASDAQ:ARBE) Q3 2022 Earnings Conference Call November 14, 2022 8:30 AM ET
Company Participants
Chris Van Dan Elzen - Executive Vice President of Radar Product Area
Karine Pinto-Flomenboim - Chief Financial Officer
Conference Call Participants
Joshua Buchalter - Cowen & Company
Suji Desilva - ROTH Capital
Gary Mobley - Wells Fargo Securities
Matthew Galinko - Maxim
Jaime Perez - RF Lafferty
Unidentified Company Representative
Thank you. Good morning, everyone, and thank you for joining us. Please take a minute to review the forward-looking statement.
In the third quarter, we made significant progress with our Tier 1 partners. In fact, we are excited to share recent news. We have received a mass production preliminary order from hiring for the next year, which officially marks the beginning of a next step of our best journey into the mass production phase. I will go over this in more detail shortly. Today, we would like to share with you a deeper understanding of Arbe's ecosystem and our strategy of focusing on Tier 1 is accelerating our progress. As many of you are aware, market conditions across the entire automotive industry are changing, causing some delays in customer launch plans. From the beginning, we made a decision to focus on driver assistance and safety while keeping a realistic vision for the future of full autonomous driving, which we believe won't be commercially available before the end of the decade. To improve our resilience in these market conditions, we are reducing our costs, making sure that we are prepared to adapt to the longer time frames of Level 2+ and Level 3 ramp-up.
In the automotive industry, the Tier 1 suppliers do the heavy lifting of radar system development as well as tech integration for OEMs. The combination of Alves breakthrough imaging radar chipset with Tier 1's innovative technology results in advanced radar system that we believe will provide unmatched safety to the industry. I want to share with you the perspective of some of our Tier 1 partners in their own world. After 5 years of extensive research among 40 radar chips and developers across the globe, Veoneer, a world leader in automotive safety choose to partner with AB. The combination of harvest patented imaging radar chipsets and Veoneer's patented waveguide technology will push the boundaries of perception performance. We are honored to have been selected by Veoneer who intend to provide the automotive industry with revolutionary radar-based solution, ensuring unmatched safety level 2 plus and higher autonomy.