Luminar’s management never expected the company’s sales to grow at lightning speed. And the SPAC deal gave it enough funds to keep building its business and continue its research and development activities. However, Luminar’s orders are very strong right now. It is far from the only company focused on lidar, and a rival could end up winning the majority of the market. Like many SPACs, Luminar expects big things in upcoming years such as 20 as commercial adoption of lidar starts to climb meaningfully.īut things could certainly go wrong for Luminar. Luminar is only expected to generate around $30 million of revenue this year. However, the Airbus deal shows that the technology can be used in other transportation markets such as aviation.Īdmittedly, skeptics can criticize Luminar for its relatively low sales for the time being. Lidar makers’ main customers are automakers for the time being. Luminar has made other major deals besides the ones with Volvo its key clients include robotaxi firm Pony.ai and Airbus (OTCMKTS: EADSY). Luminar’s Business Plan Is Progressing Nicely ![]() And once drivers become accustomed to Volvo’s advanced driving features, other automakers will have to adopt lidar from providers such as Luminar to keep up with the Swedish automaker. The deal could be a massive win for Luminar. In addition, Volvo intends to implement advanced driver assistance systems (ADAS) using Luminar’s technology. The vehicles will also offer Highway Pilot, a feature that takes control of them and autonomously drives them when conditions permit. They will feature Luminar’s technology, which will be installed in the vehicles’ roofs. Volvo will be introducing its next-generation vehicles in 2022. Henrik Green, the automaker’s chief technology officer explained why it had chosen Luminar: “Autonomous drive has the potential to be one of the most lifesaving technologies in history, if introduced responsibly and safely Providing our future cars with the vision they require to make safe decisions is an important step in that direction.” A Massive Deal Between Luminar and VolvoĮarlier this year, Volvo announced that Luminar would provide the lidar technology for Volvo’s vehicles. However, unlike many of its peers, Luminar’s outlook still shines brightly through the fog currently clouding its sector. ![]() That’s understandable, as both SPACs and EV names have been in a grueling correction for quite a long time. However, Luminar’s shares have been in a steady downtrend over the past few months.
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