![]() ![]() At Level 3 and above, the driver is not driving the car when certain self-driving features are engaged. As the following chart from the Society of Automotive Engineers chart indicates, at Level 2, the driver is driving the vehicle and must constantly supervise the support features, like lane-keeping and adaptive cruise control. Luminar claims that its system is “the only lidar sensor” that meets performance requirements for Level 3 to Level 5 autonomous driving.Ĭurrent self-driving systems are limited to Level 2 automation. Volvo, one of the investors in Luminar, expects to have the company’s Iris autonomous system designed into its cars in 2022. Lidar is widely seen as a key to fully self-driving vehicles. Velodyne stock closed at $15.12 on Friday but traded up around 4.5% on Monday morning at $15.89. The stock opened at around $25 and sank nearly 25% to close its first trading day at $18.69. (NASDAQ: VLDR), another tech firm that makes lidar sensors for autonomous vehicles and drones, came public courtesy of Graf Industrial, a SPAC (or blank-check company) formed in April. Shares traded up about 8% early Monday at $33.83. Shares of Gores closed at around $23 on Thursday and jumped more than 35% on Friday to close at $31.40. Until Friday, Gores had been a special purpose acquisition company (SPAC). The company has changed its name to Luminar Technologies, although the name change isn’t reflected yet. Luminar, a maker of lidar (light detection and ranging, or laser-light) systems for autonomous cars and trucks, received approximately $590 million in cash upon the completion of the transaction, with $460 million coming from Gores and $184 million from financing provided by several institutional investors. (NASDAQ: LAZR) and Luminar Technologies on Friday completed a reverse merger announced in August. Peter Thiel Luminar will likely post sales of just 15 million this year, but could generate at least 1.3 billion by 2026, based on estimates in an SEC filing. ![]()
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