MicroVision buys assets of troubled lidar maker Luminar for $33M

Core Insights - Luminar was once a leading developer of long-range lidar technology, gaining significant investor confidence after a deal with Volvo Cars in March 2020, which designated Luminar as the sole lidar provider for Volvo's next-generation vehicle platform [1][8] - The mass-market deployment of autonomous driving in the U.S. is still years away, which poses challenges for lidar demand [2] - U.S. lidar developers face competition from Chinese companies like Hesai Technology, which delivered 2 million units last year and plans to double its capacity to 4 million units by 2026 [3] Company Developments - MicroVision acquired Luminar Technologies for $33 million in a bankruptcy auction, aiming to integrate Luminar's assets and engineering talent to enhance its competitive position against low-cost lidar sensors from China [6][7] - MicroVision plans to stabilize and restart relationships with Luminar's former automotive customers, focusing on integrating technologies to lower costs [12][14] - The acquisition of Luminar is part of MicroVision's strategy to expand its product lineup to include long-range lidar sensors, complementing its existing short-range lidar offerings [14][17] Market Trends - The lidar market is expected to grow significantly, with vehicles equipped with Level 2 autonomous driving hardware projected to reach about 58 million units by 2030 [11] - MicroVision's CEO aims to bring cost optimizations to Luminar's technology, with a target price of under $500 for long-range lidar units by 2028 or 2029 [15] - The acquisition of Luminar is seen as a strategic move to position MicroVision as a top global lidar supplier [14][15]