Volvo Cars will start producing vehicles in 2022 that are equipped with lidar and a perception stack — technology developed by Silicon Valley startup Luminar that the automaker will use to deploy an automated driving system for highways. You can unsubscribe at any time through links in these emails. It became public through a merger with Gores Metropoulos Inc., a special-purpose acquisition company, or SPAC, a shell company that uses proceeds from an IPO to acquire a private company, typically within two years. PALO ALTO, CALIF. – Luminar Technologies, Inc., a global leader in automotive lidar hardware and software technology, has struck a deal with Mobileye, an Intel company, to supply Luminar lidar for the company’s Autonomous Vehicle (AV) Series solution in its next phase of driverless car development and testing. Earlier this year, Luminar signed the industry’s first production deal for autonomous consumer vehicles with Volvo Cars, while also recently striking deals with Daimler Truck AG and Intel’s Mobileye. Share Share this Story: Luminar Technologies shares rise 30% in public market debut. “This is really kind of the holy grail that we’ve been working towards for the entire course of the business,” Russell said. Luminar and Mobileye have been working together at the development stage for nearly two years, and on November 20, 2020, Luminar signed a contract with Mobileye to provide its lidar in production volumes at sub-$1,000 cost. Luminar has also received minority investments from the world's largest commercial vehicle manufacturer, Daimler Truck AG, and Volvo Cars, a global leader in automotive safety, to accelerate … The company won’t say how much the option will cost, but it … First Shift: Hyundai U.S. sales tick up in Dec. N.J. dealer helps position peers for ‘electric revolution’, 'Finding the diamond in the rough': How 2020's No. 48207-2997, Automotive News Luminar CEO Austin Russell told Reuters in an interview that the company has nine "advanced development" deals with automakers, meaning the automakers have begun customizing their software to work with Luminar's sensors. The Automotive News mission is to be the primary source of industry news, data and understanding for the industry's decision-makers interested in North America. Luminar has a deal with Volvo, owned by Chinese carmaker Geely, to supply lidar units for consumer vehicles with production starting in 2022. The company presently has 350 employees and has operations across Silicon Valley and a … Daimler has also invested in the startup as part of a broader partnership to produce autonomous trucks. “It’s a very isolated problem to solve and becomes a lot more solvable in a safe way than trying to solve autonomous driving through the inner city of Los Angeles or San Francisco,” Green said. That gives the Luminar deal a total equity value of $3.4 billion. Luminar has rapidly gained 50 industry partners, including 7 of the top 10 global automotive OEMs, and has received minority investments from the world’s largest commercial vehicle manufacturer, Daimler Truck AG and Volvo Cars, a global leader in automotive safety, to bring autonomous trucks and cars to highways, respectively. “Now it’s all about scale, execution and seeing it though," Russell said. The company has, … Luminar has a deal with Volvo, owned by Chinese carmaker Geely, to supply lidar units for consumer vehicles with production starting in 2022. The company partnerships with Daimler Truck AG and Intel Corp’s Mobileye. In the past 18 months, as the timeline to deploy commercial robotaxi fleets has expanded, automakers have turned back to developing nearer term tech for production vehicles. SAN FRANCISCO -- Luminar Technologies Inc. started trading as a public company on Thursday under the ticker symbol LAZR, marking the second Silicon Valley firm to go public while working to deliver a key sensor for self-driving cars. Luminar expects to receive a $300 million investment from Gores Metropoulos and another $170 million in capital from investment giants Peter Thiel, Volvo … All of this makes Luminar deal worth $3.4 billion. (Updates with … Luminar will raise more than $500 million as part of the deal, helping accelerate its efforts to get its laser sensors onto the production lines of global automakers, Russell told Bloomberg in August. The company has … The company partnerships with Daimler Truck AG and Intel Corp’s Mobileye. Shipping a vehicle with the proper hardware and perception stack doesn’t mean customers will be able to let their Volvo take over driving on highways from the get go. Luminar and its existing investors will end up keeping about 80 percent of the company as part of the deal, and Gores Metropoulos will own about 11 percent, Russell said. Luminar is one of three lidar makers to choose the SPAC route to public markets. Luminar is working with 50 different customers and has previously announced supply deals with Volvo Cars and Daimler. The sensor’s tucked away placement is a departure from the bucket style spinning lidars that have become synonymous with autonomous vehicle development. 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