Luminar, a company specialized in LiDAR technology, essential for all functions associated with autonomous driving, has declared bankruptcy in the U.S. This bankruptcy demonstrates the volatility of the market and the high development costs of such solutions. The supplier had an agreement with Volvo (and Polestar), but the Swedes backed out of investing in sensors for the EX90 and ES90.
The declaration, under U.S. legislation, allows financially troubled companies to continue operating while seeking agreements with creditors, a process supervised by a competent court. In this case, the documentation was filed in the U.S. state of Texas. Luminar’s assets are valued between 100 and 500 million dollars, while accumulated debts range from 500 to 1,000 million dollars.
Luminar intends to sell the LiDAR system development and production business (“LiDARCo”), while Luminar Semiconductors, Inc. (“LSI”), a subsidiary dedicated to semiconductor production, has already been acquired by Quantum Computing Inc. for about 110 million dollars. The company assures that it will continue to operate during the restructuring process to remain relevant in the industry. The payment of salaries and benefits to employees is guaranteed.
