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Luminar

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automotive-technology2 years ago

"Luminar's Emergency Steering AI Software to Enhance F1 Safety Car with Mercedes-AMG PETRONAS Team"

Mercedes is evaluating Luminar's LiDAR system for potential use on the F1 safety car, aiming to enhance track safety by providing real-time 3D mapping of the environment ahead. The system, which uses lasers to detect objects up to 500 meters away, could offer improved visibility in adverse weather conditions and help assess track conditions. The collaboration between Mercedes and Luminar aims to showcase the technology's performance and safety advantages, with potential implications for automotive industry innovation and accident-free driving.

via Motorsport.com|
#automotive-safety#automotive-technology#f1
automotive-technology2 years ago

Luminar Unveils Advanced Emergency Steering AI Software in Partnership with Mercedes-Benz

Luminar, a lidar company, has unveiled a new automatic emergency steering feature powered by its Iris Plus sensor, aiming to proactively avoid crashes without driver intervention. The company demonstrated the new feature at CES and extended its partnership with Mercedes-Benz to integrate its sensor in the official FIA F1 safety car. Luminar has secured commitments from various companies, including Volvo, Audi, and Toyota Research Institute, for its lidar technology.

via The Verge|
#automatic-emergency-steering#automotive-technology#ces
business2 years ago

Luminar's Q3 2023 Business Update and Financials Revealed

Luminar, a leading global automotive technology company, reported its business update and financial results for Q3 2023. The company successfully passed the production capacity and quality audit with Volvo Cars, marking an inflection point towards profitability. Luminar is driving efficiency gains in free cash flow and gross margin and is on track to achieve its milestone targets for industrialization, product and technology development, and business growth. In Q3, Luminar demonstrated improvement in non-GAAP free cash flow and gross margin, meeting its guidance for non-GAAP EPS. The company maintains a strong balance sheet and expects to reach gross margin profitability by Q4 2023. Luminar also provided adjusted financial guidance for 2023, including revenue growth of around 85% YoY and a reduction in free cash flow spend by approximately 50% by year-end.

via Yahoo Finance|
#automotive-technology#business#financial-results
business2 years ago

Luminar CEO Austin Russell Acquires Forbes

Austin Russell, the 28-year-old founder and CEO of Luminar, is buying an 82% stake in Forbes Global Media Holdings in a deal that values the company at nearly $800 million. Russell's stake includes the remaining portion of the company owned by its namesake family. Russell, who became the world's youngest self-made billionaire in 2021, plans to grow Forbes and emphasize philanthropy within the business.

via TechCrunch|
#austin-russell#business#forbes
business2 years ago

Luminar Technologies faces scrutiny after Goldman Sachs downgrade and investigation announcement.

Luminar CFO Tom Fennimore has responded to a recent Goldman Sachs downgrade of the lidar maker by taking the case directly to shareholders. Fennimore argues that Luminar's technology is superior and that the company has already achieved premium pricing in contracts with major automakers. He also points out that some of the big contracts Luminar has signed won't generate significant revenue until the second half of the decade.

via CNBC|
#automotive#business#goldman-sachs