Launches Next-Gen LiDAR; Swiss Re Releases
LiDAR Safety Results; New Partnership with Applied Intuition
News Summary
- Luminar achieves start of production (SOP) for Volvo Cars;
Marks first time industry transitioning from R&D to standard on
global production vehicles; Kicks off conversion of nearly $4
Billion Order Book to revenue
- Unveils Luminar Halo, the company’s next-generation LiDAR
technology platform; Step-function improvement in performance,
integration, and cost; Built for mass adoption by both premium and
mainstream automakers
- Swiss Re releases results of industry-first efficacy test of
Luminar LiDAR for vehicle safety: nearly 27% reduction in
accidents, nearly 40% reduction in severity vs best performing
camera/radar vehicles
- New partnership with Applied Intuition to accelerate
next-generation assisted driving and automated driving capabilities
to industry
- TPK expands partnership with Luminar to support advanced
industrialization, expected to significantly reduce costs and
product development timelines
Luminar (Nasdaq: LAZR), a leading global automotive technology
company, is hosting Luminar Day: A New Era via a live webcast at
www.luminartech.com/luminarday from its new Silicon Valley
facility. The company announced that it has achieved start of
production for Volvo Cars and begun delivering production LiDAR
sensors for the Volvo EX90, which will be the first global
production vehicle to feature and standardize this technology. As a
result, Luminar now expects to ship multiple times more product in
the second half of 2024 than it has in the prior 10 years and
accelerating from there. The company also announced the launch of
its next-generation LiDAR sensor for the mass market, Luminar Halo,
safety test results from Swiss Re, a new partnership with Applied
Intuition, and an expanded collaboration with TPK where they will
provide substantial industrialization resources to Luminar to
improve cost and efficiency.
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the full release here:
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Luminar Halo LiDAR sensor (Photo:
Business Wire)
“The past 10 years of Luminar have all been leading up to this
historic moment, and proving what many thought would never be
possible. We’ve officially launched in mass production for the
first global consumer vehicle with LiDAR, and as standard
equipment,” said Austin Russell, Founder and CEO. “Volvo is known
for being the first to introduce and drive standardization of
safety-focused inventions, all the way from seatbelts to Mobileye
systems, and today is no exception. We expect this to kick off a
domino effect of dozens of awarded commercial program launches with
Luminar, drive economies of scale up and cost down, and unlock mass
consumer visibility.”
Luminar Achieves Start of Production for Volvo Cars
Upon passing two key Run at Rate industrialization milestones
for Volvo Cars in rapid succession, Luminar has taken its next step
in demonstrating its ability to produce high-quality, automotive
grade LiDAR sensors at scale and has begun shipping sensors to
Volvo Cars ahead of the start of production for the Volvo EX90. The
Volvo EX90 will be the world’s first global consumer vehicle to
standardize this technology.
Luminar Halo: Next-Generation LiDAR for Mainstream
Production
The company unveils its next-generation LiDAR product, Luminar
Halo, being designed for mass adoption by mainstream consumer
vehicles. Building off Luminar’s high-performance 1550nm
architecture, Luminar Halo will incorporate four next-generation
breakthrough chip technologies from Luminar Semiconductor Inc,
enabling a 4x improvement in performance, a 3x reduction in size,
2x improvement in thermal efficiency, and more than 2x improvement
in cost. Luminar Halo is also expected to provide backwards system
compatibility to existing customers of its current generation
sensor family, Iris. It also will boast a sleeker integration
profile, seamlessly blending into the roofline of a car or behind
the windshield and is expected to be under 1 inch in height, under
1 kilogram in weight, and use approximately 10 watts of power
consumption. The Luminar Iris family of LiDAR was designed to kick
off a new global industry for safety and autonomy on premium
vehicles, whereas Luminar Halo is designed to focus more on rapidly
scaling our vision to mainstream consumer vehicles, and to fulfill
our mission to democratize next-generation safety.
Swiss Re Safety Study Results on Luminar’s LiDAR
Sensor
Swiss Re, a world leader in reinsurance and risk assessment,
releases the results of its comprehensive vehicle safety testing to
measure the efficacy of Luminar’s technology in preventing and
reducing the severity of accidents as the next stage in the
partnership with Swiss Re, which launched at our last Luminar Day
in February 2023. Vehicles equipped with Luminar LiDAR and software
driving system outperformed the best performing camera and radar
vehicles in the study by a margin of nearly 40%. When compared to
the overall 1st and 2nd best performers out of the pool of
benchmarking vehicles tested, the Luminar system outperforms them
by a margin of nearly 27% on frequency reduction of vehicle
accidents and nearly 40% on mitigation power performance. The 1st
and 2nd best performers are 2022 model year vehicles of top
European car brands, equipped with the latest and fullest set of
camera and radar-based technology available on the market.
Luminar will leverage the safety study as an industry benchmark
to launch a digital insurance product which is expected to reduce
the cost of insurance for car buyers of Luminar-equipped vehicles.
Luminar expects to be licensed to sell insurance in 13 states by
the end of the year and plans to expand internationally starting
next year. The collision scenarios used in their study are drawn
from Swiss Re's accidents database and is based on real-world
accidents statistics with 1 billion vehicle years of exposure and
70 million claims.
Partnering with Applied Intuition to Accelerate ADAS and AD
Deployment with Automakers
Luminar announces a new partnership with Applied Intuition, a
leading Silicon Valley-based vehicle software developer. In the
initial phase of the partnership, the two companies plan to offer a
joint hardware and software solution for automakers to test and
validate assisted driving and automated driving perception systems
using Applied Intuition’s physics-based sensor simulator, Sensor
Sim, with integrated sensor models of Luminar’s LiDAR. Automakers
will be able to accurately test and validate Luminar’s LiDAR-based
software systems in virtual environments while reducing testing
cost and accelerating time to market.
Accelerating Industrialization in Expanded TPK
Partnership
Luminar expands its partnership with TPK, a multi-billion-dollar
manufacturer that has supplied companies like Apple and Tesla,
after TPK's demonstrated ongoing success in building out capacity
in its high-volume factory in Asia for Luminar following the launch
of the partnership in April 2023. With the expansion, TPK is now
beginning to provide significant industrialization resources to
Luminar in its facilities for acceleration of scaling, efficient
factory automation, and supplier management, which we expect will
significantly reduce industrialization costs and product
development timelines in the future.
Join Luminar Day via Livestream
Luminar Day begins at 2:00pmET/11:00amPT with a presentation by
Austin Russell. Throughout the event, company executives and
third-party industry leaders will discuss Luminar’s vision,
execution, and the industry’s shift towards next-generation safety
and autonomy. Livestream at
https://www.luminartech.com/luminarday.
About Luminar:
Luminar is a global automotive technology company ushering in a
new era of vehicle safety and autonomy. For the past decade,
Luminar has built an advanced hardware and software/AI platform to
enable its over 50 industry partners, including most global
automotive OEMs. From consumer vehicle programs with Volvo Cars and
Mercedes-Benz to technology partnerships including NVIDIA and
Mobileye, Luminar is poised to be the first automotive technology
company to enable next-generation safety and autonomous
capabilities for global production vehicles. For more information,
please visit www.luminartech.com.
Forward-Looking Statements
Certain statements included in this release that are not
historical facts are forward-looking statements for purposes of the
safe harbor provisions under the Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as “aims,” “believe,” “may,” “will,”
“estimate,” “set,” “continue,” “towards,” “anticipate,” “intend,”
“expect,” “should,” “would,” “forward,” and similar expressions
that predict or indicate future events or trends or that are not
statements of historical matters. These forward-looking statements
include, but are not limited to, statements regarding Volvo’s start
of delivery of the EX90 to customers and its successful launch,
achievement of performance of next generation LiDAR currently in
development, that software including in automaker vehicles will
have similar performance at launch or in the future to Luminar’s
software performance in testing for safety improvement and
insurance reduction, that Luminar will be able to offer a
registered insurance product in various markets and will be
successful in attracting partners and customers, that Luminar will
be offering and automakers will be interested in evaluating
software development kits combined with hardware, and that new
partnerships will result in cost reductions while improving
industrialization and manufacturing. These statements are based on
various assumptions, whether or not identified in this release, and
on the current expectations of Luminar's management and are not
guarantees of actual performance. Forward-looking statements are
subject to a number of risks and uncertainties that could cause
actual results to differ materially from the forward-looking
statements, including the risks discussed in the “Risk Factors” and
“Management’s Discussion and Analysis of Financial Condition and
Results of Operations” sections of Luminar’s most recently filed
Form 10-K filed with the SEC. You are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as
of the date made, and Luminar undertakes no obligation to update
any forward-looking statement to reflect events or circumstances
after the date of this release.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240423096714/en/
Media Relations: Milin Mehta Press@luminartech.com
Investor Relations: Aileen Smith Investors@luminartech.com
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