![]() Daimler announced the launch of 元 capable cars in the US (after a 2022 Europe launch).Inside-cabin 3D sensing for passenger safety monitoring is also on the rise. L2, L2+, 元 and L4-trucking are good news for LiDAR companies since they require road-facing 3D sensing functionality for perception and localization. L4 for highway trucking and last-mile deliveries are more tangible. However, the business case for this segment and the ability to expand to adult cities like New York, Chicago and Boston is unclear. L4 ride-hailing for cars with paying customers is ongoing in fair-weather urban locations (San Francisco, Phoenix, Austin). L4 refers to full autonomy in specific geographies, with no human driver required. ![]() The driver needs to take over within 10 seconds of being cautioned to do so. 元 is an autonomy feature where a car can drive without human attention in specific conditions (geography, speed, weather, etc.). The human driver is still in control (mind on). L2+ refers to an enhanced driver-assist capability that includes automatic lane-keeping and lane-change maneuvers. "Because I think the capital markets rely on having a good and factual debate.OEMs, trucking and industrial equipment providers were bullish on limited passenger car autonomy (L2+ and 元) and L4 for trucking and off-road applications. "Whenever anybody raises valid and thoughtful concerns about us, we want to respond with valid and thoughtful facts," Fennimore told CNBC. The decision to take the rebuttal directly to Luminar's shareholders is unusual, but Fennimore believes it's warranted – and he hinted that Luminar might choose to send more letters like this in the future. Put another way, some of the big contracts that Luminar has already signed won't generate significant revenue until those vehicles launch in the second half of the decade, Fennimore said. "We believe using 2025 revenue as a valuation benchmark versus peers dramatically undervalues Luminar, as many of the 20+ vehicle lines we have been awarded are not expected to reach production until beyond 2025," he wrote. "'Premium pricing' isn't a theoretical concept we are forecasting, but an achievement we have already made in our major customer contracts," Fennimore wrote in the shareholder letter.Īnd the second point Fennimore says Goldman missed: The time frame Delaney chose to compare Luminar's valuation against those of its rivals. Those contracts lock in pricing through the life of those upcoming models, he said. "One, our tech is better, and people typically pay a premium for tech, but to us this isn't a theoretical exercise: This is pricing that we actually have in place," Fennimore told CNBC in an interview on Friday morning.įennimore's letter points out that Luminar has already signed contracts to provide hardware and software for over 20 upcoming new vehicles from major automakers including Volvo, Polestar, Mercedes-Benz and Chinese auto giant SAIC Motor. And based on 2025 revenue assumptions, he sees Luminar trading at four times the valuation of competitors Innoviz and Hesai, both of which have also won business from automakers.įennimore argues that Delaney missed two key points. ![]() Simply put, while Delaney acknowledges that Luminar is one of only a few lidar makers winning deals with major automakers, he thinks that Luminar won't be able to get the prices it's hoping to get from those automakers. "However, we see downside to the company's margin outlook with the company targeting revenue per vehicle of ~$1k which we believe implies ASPs roughly 50-100% higher than key competitors." "We continue to see Luminar as one of a handful of leaders in the very competitive lidar industry," Delaney wrote. Luminar's shares have fallen about 16% since Delaney's note was published. Personal Loans for 670 Credit Score or Lowerĭelaney on Tuesday afternoon cut Goldman's rating on Luminar to sell, from hold, arguing that its shares are overpriced relative to key competitors and that Luminar's own pricing assumptions are unrealistically high. Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |