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Luminar cuts 20% of staff and outsources lidar production
Luminar is slashing its workforce by 20% and will lean harder on its contract manufacturing partner as part of a restructuring.
“Today, we stand at the crossroads of two realities: the core of our business has never been stronger across technology, product, industrialization, and commercialization; yet at the same time the capital markets perception of our company has never been more challenging,” billionaire founder and CEO Austin Russell said in a letter posted to Luminar’s website. Russell wrote in the letter that the restructuring will make it possible for Luminar to get products to market faster, “drastically reduce” costs, and set the company up better for profitability. Luminar announced in April that it had begun shipping production lidar sensors to Volvo to be built into the automaker’s EX90 luxury SUV.
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