LUMINAR TECHNOLOGIES, INC.

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Self-driving sensor maker Luminar shares rally on Mercedes-Benz tie-up

01/20/2022 | 03:05pm EDT
FILE PHOTO: Frankfurt hosts the international Motor Show (IAA)

San Francisco, Jan 20 (Reuters) - Luxury carmaker Mercedes-Benz will partner with self-driving sensor maker Luminar Technologies Inc to enable fully automated driving on highways for its next-generation vehicles, Luminar's founder said.

Luminar shares surged 18% at $15.89 on Thursday. Luminar said Mercedes-Benz will have 1.5 million shares in Luminar, which will vest over time when certain milestones are met.

Vehicle autonomy "is really going mainstream with Mercedes," Luminar CEO Austin Russell told Reuters on Wednesday, without disclosing a timeframe for putting the technology in Mercedes' vehicles.

He said the two would develop "true" autonomy capabilities to keep drivers out of the loop, while improving safety capabilities such as automatic braking.

Automakers from Tesla to General Motors Co and Volvo have set their eyes on introducing autonomous vehicles for consumers, although regulatory and technological challenges remain.

Tech firms such as Alphabet's Waymo and Cruise also are developing self-driving taxis or trucks for commercial use such as ride-hailing and delivery services.

General Motors is working with its majority-owned Cruise self-driving unit to introduce a personal autonomous vehicle by as early as mid-decade, Chief Executive Mary Barra said this month.

"If you want to be able to get to truly autonomous capabilities in a consumer vehicle, and you have to industrialize hardware, software, all of these systems that come into play. That by the way, is completely different than the work that the robo-taxi companies have been working on," Russell said.

He said it is a challenge to mass produce lidars and make sure they are robust enough to meet stringent requirements from automakers.

"It is a completely different kind of business of going from a science and technology business to automotive corporation."

Lidars, which use laser light pulses to measure the distance between the sensor and the target object, are widely seen as essential to achieving full autonomous driving. But Tesla has shunned the sensor, saying it is expensive and unnecessary.

Volvo Cars and Luminar said earlier this month that they will put a hands-free driving system in an upcoming electric sport utility vehicle. (Reporting by Hyunjoo Jin; Additional reporting by Nivedita Balu; Editing by Kim Coghill and Aurora Ellis)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AB VOLVO 0.15% 165.52 Delayed Quote.-21.16%
ALPHABET INC. -4.95% 2119.4 Delayed Quote.-23.03%
GENERAL MOTORS COMPANY -2.19% 35.21 Delayed Quote.-38.60%
LUMINAR TECHNOLOGIES, INC. -11.77% 8.47 Delayed Quote.-43.23%
MERCEDES-BENZ GROUP AG -1.32% 63.71 Delayed Quote.-4.48%
TESLA, INC. -6.93% 628.16 Delayed Quote.-36.14%
VOLVO CAR AB (PUBL.) -2.53% 81.26 Delayed Quote.8.24%
All news about LUMINAR TECHNOLOGIES, INC.
05/19Northland Capital Adjusts Luminar Technologies' Price Target to $13 from $23, Keeps Out..
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05/12INSIDER BUY : Luminar Technologies
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05/10INSIDER BUY : Luminar Technologies
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05/09Berenberg Bank Adjusts Luminar Technologies' Price Target to $10 From $12, Maintains Ho..
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05/06LUMINAR TECHNOLOGIES, INC./DE Management's Discussion and Analysis of Financial Condit..
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05/05Luminar Technologies, Inc. Provides Earnings Guidance for the Full Year 2022
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05/05TRANSCRIPT : Luminar Technologies, Inc., Q1 2022 Earnings Call, May 05, 2022
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05/05Earnings Flash (LAZR) LUMINAR Reports Q1 Revenue $6.9M, vs. Street Est of $8.36M
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05/05Earnings Flash (LAZR) LUMINAR Posts Q1 Loss $-0.16, vs. Street Est of $-0.13
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05/05Luminar Provides Business Update and Q1 2022 Financials
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Analyst Recommendations on LUMINAR TECHNOLOGIES, INC.
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Financials (USD)
Sales 2022 41,9 M - -
Net income 2022 -301 M - -
Net Debt 2022 249 M - -
P/E ratio 2022 -9,79x
Yield 2022 -
Capitalization 2 961 M 2 961 M -
EV / Sales 2022 76,6x
EV / Sales 2023 24,6x
Nbr of Employees 500
Free-Float 61,3%
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Luminar Technologies, Inc. Technical Analysis Chart | LAZR | US5504241051 | MarketScreener
Technical analysis trends LUMINAR TECHNOLOGIES, INC.
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 12
Last Close Price 8,47 $
Average target price 19,23 $
Spread / Average Target 127%
EPS Revisions
Managers and Directors
Austin Russell Chairman, President & Chief Executive Officer
Thomas J. Fennimore Chief Financial Officer
Sardar Gautham Vice President-Business Operations & Alignment
Alec E. Gores Independent Director
Matthew J. Simoncini Independent Director
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