Luminar’s new facility is operated by Celestica, its manufacturing partner. This enables an increase in capacity by well over an order of magnitude as compared to our existing, manual line to meet our growing automaker requirements on volume.” The Road Ahead The successful bring-up of the automated factory is a major milestone and continues to show we can execute. “Industrialization is the fundamental challenge to enable and scale with our high volume series production wins. In a statement released by Luminar, CEO Austin Russell laid out what this new facility will mean, stating: Now the company is better positioned to continue expanding its market share. Elon Musk has publicly criticized lidar technology but as InvestorPlace has reported, there is ample evidence to suggest that Luminar has the technology to help other automakers overtake Tesla (NASDAQ: TSLA) in the driverless race. In the past year, it has announced deals with auto industry giants such as Volvo (OTCMKTS: VLVLY) and Mercedez-Benz (OTCMKTS: MBGYY). Luminar has a global reach that spans the United States, Mexico and Thailand. That’s not to say that LAZR didn’t already have plenty to offer.
#Luminar stock update
And this recent factory update gives investors more reason to bet on it than ever. However, the latter is up almost 2% for the week after displaying some growth yesterday. Fellow lidar producers such as Innoviz Technologies (NASDAQ: INVZ) and Aeva Technologies (NYSE: AEVA) are both deeper into the red today than Luminar. Part of this is due to general negative market momentum. As of this writing, it is down just 0.17% for the day after making numerous attempts to rally. While LAZR stock hasn’t pulled into the green today, it has tried hard to come close.
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