Read More . Gores Metropoulos' Merger With Luminar Is A Play On LIDAR, Mobileye (NASDAQ:LAZR) ASB Capital Nov. 28, 2020 5:18 AM ET Stocks To Watch: IPOs Heat Up As DoorDash, Airbnb, C3.ai And Certara Step Out The company went public on Dec. 3 through a reverse merger and the stock almost immediately doubled in value. PYPL founder Thiel to build up the company, Luminar had raised about $250 million prior to today’s news. And like many others investors saw this year, the company chose to offer Luminar Technologies stock through a SPAC IPO. Argo AI, which is closely affiliated with Ford and counts Volkswagen among its investors, is one of the many companies in the self-driving space that already use and trust Velodyne's lidar sensors. The reverse merger agreement with “special purpose acquisition company” Gores Metropoulos - details of which were revealed in August - has boosted Luminar’s cash reserves by nearly $600 million. The potential is real, but the markets are getting way ahead of themselves in terms of the valuation. Additionally, Luminar said it hired 16 members of Samsung's Munich-based DRVLINE  software team to help strengthen its development team. Believe it or not, even though Luminar is the more recent IPO, XPeng stock is actually the faster-growing stock. . “We are making our next industry leap through our new long-term partnership with Gores Metropoulos, a team that has deep experience in technology and automotive and shares our vision of a safe autonomous future powered by Luminar.”. Gores Metropoulos (NASDAQ: GMHI) stock is the latest autonomous vehicle (AV) play widely available for investors. Luminar is a maker of lidar, a technology that uses pulsed laser beams to measure distances that are used in most self-driving concepts. From Los Angeles, the U.S. capitol of cars and congestion, I try to make sense of technology-driven changes reshaping how we get around. The Palo Alto, California-based company in May won a multiyear agreement to supply its high-tech sensors to Volvo Cars, which will use them as part of an autonomous system for consumer vehicles hitting the market in 2022, one of the earliest commercial production deals for the exotic sensor technology. Luminar’s unprecedented strength in LiDAR technology is corroborated by the company’s big deal pipeline and wide partnership network. Luminar has entered into a production deal with Volvo Cars to get its sensors on the road within ... [+] three years. … But it's still only half as fast as XPeng. It's easy to miss, but that's a huge advantage. Now, it appears that LiDAR companies are following suit. Russell currently owns “Luminar founders preferred stock and Luminar common stock representing approximately 38% of the voting power of Luminar capital stock,” according to an SEC filing on the merger. Here's a hint: Company A is Luminar, and Company B is Chinese automaker XPeng. Luminar climbed 6.3%, also off session highs. This Argo AI self-driving prototype has two of Velodyne's "hockey puck" lidar sensors at the top of its sensor array. Luminar, the manufacturer of high-performance lidar sensors for autonomous vehicles, is about to achieve a major milestone. Even though lidar is still an emerging technology in autos, Velodyne has already earned that trust. Jim Cramer makes EV SPAC recommendations after big sell-off CNBC 1 day ago. That's as compared to Luminar, whose sales growth is expected to be only 73% in 2021. He spends a lot of time these days focused on the industrials and financials. Experts: Metro Orlando is driving autonomous vehicles to widespread adoption — soon. All Rights Reserved, This is a BETA experience. At that time, the company was only a year old and had raised $9 million. Start-up carmakers get a lot of hype, but the reality is that the existing big global automakers will be building the majority of tomorrow's self-driving vehicles. … The stock almost doubled in value immediately after listing. The advantage is a faster, cheaper route to going public and raising funds than a conventional IPO, and one that looks particularly appealing given the runup in major U.S. stock indices this year despite the economic devastation of the coronavirus pandemic. October 25, 2019. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, The Russia Top Brass Coordinates On Blue Hydrogen, As U.S. Business Leaders Decry Capitol Rampage, An Elon Musk Joke On Twitter Falls Flat. Returns as of 01/09/2021. The merger is expected to close in 2020’s fourth quarter. It was founded in 2012 by CEO Austin Russell. Market data powered by FactSet and Web Financial Group. It has been a banner year for stocks of companies that want to disrupt the automotive industry, and Luminar Technologies (NASDAQ:LAZR) is the latest to ride the wave. Latest News about Luminar Technologies. Luminar is merging with Gores Metropoulos, an affiliate of The Gores Group investment firm and Metropoulos & Co., and will trade under the ticker “LAZR” upon completion of the deal later this year. Lidar is shorthand for light detection and ranging, and it is a way for self-driving cars and other robots to use lasers to detect objects in the world around them and get fast, accurate measures of spatial locations based on how long it takes the laser beams to reflect back to the sensors. Luminar Technologies, the automotive lidar company, has completed a merger deal and is now listed as a public company on the Nasdaq under the ticker symbol “LAZR”. What's more, if you like Luminar stock as a play on lidar in autonomous driving systems, well, XPeng gives you that, too. Long story short, even if you think "lidar is the future," XPeng is a better way than Luminar to invest in that future. When not arguing on Twitter or writing about the markets, Lou spends his free time out in nature, complaining online about the Baltimore Orioles or Watford FC, or listening to early 1990s alt rock. What Can We Learn From The Slow Pace Of COVID-19 Vaccine Distribution? As Lidar Fever Hits Wall Street, Be Careful With Luminar Stock InvestorPlace 12/28/2020. Don't get me wrong -- 73% year-over-year sales growth is fan­-tas-tic. Founder Russell, a Forbes 30 Under 30 alum, will continue as CEO, Tom Fennimore will remain as CFO and Alec Gores will join the Luminar board. Velodyne Lidar and Luminar Technologies have both surged as much as 37% since a report from Reuters on Monday detailed Apple's ambition to compete with … “This milestone is pivotal not just for us, but also for the larger automotive industry,” Luminar CEO Russell said. NDAQ 4. GM owns a majority stake in Cruise, a self-driving start-up that has combined its software expertise with GM hardware to create a formidable challenger to Alphabet's Waymo unit. Lou Whiteman (General Motors): General Motors typically plays the role of the dinosaur in discussions about the future of the automobile, stuck in its old ways and doomed as change comes. The company has proven that it can deliver automotive-grade products on time and on budget, over and over. Luminar, a fast-growing maker of laser lidar sensors that help self-driving cars see the world, intends to list shares on Nasdaq Gores Metropoulos shares rose 7% to $11.40 in Nasdaq trading on Monday. by merging with a SPAC that raises cash and boosts the startup’s market cap to an estimated $3.4 billion. Lou has followed the markets for more than two decades, developing extensive contacts including industry leaders, consultants, regulators, and labor representatives. Its stock is now available on the NASDAQ until the ticker symbol … Founded by optics prodigy Austin Russell in 2012, who dropped out of Stanford University after receiving a $100,000 fellowship in 2013 from PayPal On December 3, 2020, Luminar Technologies, a company that manufactures automotive LiDAR technology, went public through a merger with special purpose acquisition company (SPAC) Gores Metropoulos. Valued at $34 billion, XPeng is nearly three times the cost of Luminar by market capitalization. John Rosevear (Velodyne Lidar): I won't argue with anyone who thinks that Luminar has intriguing technology and is worth a flyer. SPAC IPOs are the new trend for 2020. McIntosh Laboratory To Provide Premium Audio For 2021 Jeep Grand Cherokee L, Emerging From Stealth, NODAR Introduces “Hammerhead 3D Vision” Platform For Automated Driving, Next-Generation Jeep Grand Cherokee Debuts With 3-Row Model This Spring, Waymo Pushes ‘Autonomous’ As The Right Generic Term For Self-Driving/Robocars, Blue White Robotics Aims To Become The AWS Of Autonomy, Stellantis Merger Points The Way For Threatened Auto Makers To Shore Up Their Futures, Self-Driving Cars And Asimov’s Three Laws About Robots, multiyear agreement to supply its high-tech sensors to Volvo Cars. Just last month, XPeng announced that in 2021 it will become the first company in the world to integrate lidar into production model cars for sale. The transaction includes $400 million of cash from Gores Metropoulos and $170 million of additional funds from investors including Peter Thiel, Volvo Cars Tech Fund and Alec Gores, among others. Article continues below advertisement . In fact, both Ford Motor Company (NYSE:F) and Chinese search-engine giant Baidu invested in Velodyne way back in 2016. The bottom line is that while competing systems from Tesla (NASDAQ:TSLA) and others tend to get more hype than Cruise, General Motors is positioned to not just be a survivor in a world of robotaxis, but potentially to win the race to get there. After the 150% sales growth that's projected for this year, analysts forecast that XPeng will grow its sales even faster next year -- 166%. Luminar Technologies Inc. stock dropped more than 17% on Tuesday, extending its losing streak to a fifth consecutive session, as word that Mobileye plans to make its own lidar … The first-day performance of Luminar’s new stock issue made Russell one of the youngest people ever to attain billionaire status. Not only does Velodyne already count most of the world's big automakers as clients, its distinctive "hockey puck" sensors can be seen on the prototype self-driving vehicles from many of the other companies aiming to enter the self-driving space as well -- and they're finding more and more customers in other industries (like robotics), too. Help wanted: These metro Orlando tech firms have 1,700 openings . No other lidar maker can best Velodyne's track record to date. Innoviz Stock Innoviz was one of the 9 Startups Developing LiDAR Sensors for Cars we covered back in 2017. Velodyne's stock isn't cheap, of course. You may opt-out by. Investor Day. The Motley Fool regrets the prior error. Couple the self-driving tech with GM's massive investment into electrification, and I'd argue the best way to invest in the future of the automobile is by buying one of the industry's most storied names from the past. Luminar has rapidly gained over 50 industry partners, including 7 of the top 10 global automotive … On Monday, Velodyne stock surged 23%. The Luminar Technologies IPO brings another company that’s promising it’s a part of the future of the auto industry. In contrast, Luminar's not expected to be selling its lidar systems at scale until Volvo starts ramping up electric production in 2022. Rich Smith (XPeng): Company A makes car parts, had $12.6 million in revenues last year, and costs $12 billion. Tags Luminar Technologies Electronic Arts Inc/ Craig Technologies (Cape Canaveral FL) From Business Journals. Another day, another transportation-related company is going public via a special purpose acquisition company deal. The company went public on Dec. 3 … That day could come sooner than you think: Cruise said Dec. 9 it has recently started testing self-driving vehicles without driver monitors in San Francisco. Luminar and Gores Metropoulos said the combined company will have an implied pro forma enterprise value of approximately $2.9 billion and an equity value of approximately $3.4 billion at closing. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. TSLA (CEO Elon Musk has described it as a “fool’s errand.”). Cumulative Growth of a $10,000 Investment in Stock Advisor, Luminar Is Overhyped: These Self-Driving Car Stocks Are Better Buys Right Now @themotleyfool #stocks $LAZR $F $GM $TSLA $XPEV $VLDR, Lou Whiteman, Rich Smith, and John Rosevear, Why Luminar Technologies' Stock Spiked Today, Thank These 3 Red-Hot Auto Stocks for Helping Save the Stock Market on Monday, Why Luminar Technologies' Stock Is Higher Today, Luminar Rebuts Mobileye Rumors; Tilray Does Deal as Nasdaq Inches Higher, Copyright, Trademark and Patent Information. Luminar stock … Cruise has a modified Chevy Bolt it has converted into a self-driving taxi. It built its LiDAR systems from scratch. Among lidar stocks, Velodyne closed up 11% on the stock market today, halving earlier gains. Lidar startup Luminar is going public, the company announced on Monday. Both still hold sizable stakes today, and of course both are among Velodyne's larger customers. Lidar sensors are a core component of many autonomous vehicle projects that are currently in development. The acquisition turned Luminar into a public company, with the combined entity retaining the Luminar Technologies name. In reality, CEO Mary Barra has positioned the company to be one of the big winners in a self-driving world. Here's why three Fools believe General Motors (NYSE:GM), Velodyne Lidar (NASDAQ:VLDR), and XPeng (NYSE:XPEV) are better buys today. SPAC Brings Luminar Technologies Stock. Alas the lidar market is getting somewhat crowded, and Luminar has a lot to prove in the quarters ahead to justify those sorts of gains. Stock Advisor launched in February of 2002. Company B makes entire, functioning electric cars, sold $333 million worth of them last year, and will probably grow that by nearly 150% this year (according to estimates from S&P Global Market Intelligence). Given the choice, which of these automotive businesses would you invest in? Luminar Technologies Inc (NASDAQ: LAZR) is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the only lidar and associated software that meets the industry’s stringent performance, safety, and economic requirements. Image source: Ford Motor Company. Two companies that make lidar sensors saw their stocks soar on Monday after Reuters reported on hat Apple is aiming to start production of an Apple-branded car … Luminar: Since its market debut on Dec 3, the stock has gained more than 107%. The SPAC (blank-check company) will soon close on its deal to acquire Luminar… About Luminar Stock Luminar Technologies, Inc. is producing advanced sensor technologies for the autonomous vehicle industry. Investors are excited about the potential of the technology to help make robocars a reality. And yet, paying that price buys you a much bigger, and already much more successful business. In May 2020, Luminar signed a multi-year … I follow technology-driven changes reshaping transportation. Luminar, which creates lidar technology critical to many automakers' autonomous driving efforts, is going public on Thursday through a special purpose … But I think even within the tiny-but-suddenly less-tiny world of lidar stocks, Velodyne is a better stock to consider, for two big reasons: First, its technology is extremely competitive, and second -- and crucially -- it's already doing business with most of the world's automakers. Another reality: Big automakers favor suppliers they know and trust. Lidar’s ability to instantly create detailed 3D, point-cloud maps of a vehicle’s surroundings in daylight or darkness has made it essential technology for virtually every company working to perfect safe autonomous driving, with the notable exception of Tesla Luminar, a fast-growing maker of laser lidar sensors that help self-driving cars see the world, intends to list shares on Nasdaq NDAQ +2% by merging with a … Find me on Twitter at @alanohnsman, © 2021 Forbes Media LLC. That means the company engineered its own: lasers, receivers, chips, packaging and … Following in the footsteps of Velodyne Lidar … Less than a week later, Luminar stock has more than doubled -- and now, Northland Securities has decided it's time to cash in chips and downgrade it. Luminar is a maker of lidar, a technology that uses pulsed laser beams to measure distances that are used in most self-driving concepts. Find me on Twitter at, From Los Angeles, the U.S. capitol of cars and congestion, I try to make sense of technology-driven changes reshaping how we get around. Luminar’s stock is up 40% already since its IPO. Luminar’s move comes amid a wave of SPAC-based listings in recent months, including Nikola Motor, a maker of hydrogen- and battery-powered trucks, rival lidar sensor maker Velodyne, Los Angeles-based EV startups Fisker Inc. and Canoo and electric truck startup Lordstown Motors. Editor's Note: Luminar's 2019 revenue figure has been updated. Lidar, a technology that uses pulsed laser beams to measure distances that are used most! Faster-Growing stock, the company was only a year old and had raised $ 9 million that... We Learn From the Slow Pace of COVID-19 Vaccine Distribution $ 11.40 in NASDAQ trading Monday. “ this milestone is pivotal not just for us, but the markets are getting way ahead themselves. 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