luminar austin russell luminar spac thursdayohnsmanforbes

Luminar's Standardized Safety Feature in Volvo Electric SUV

The recent announcement that Luminar will be a standard safety feature in Volvo's next-generation electric SUV is a significant milestone for the industry. Going from a high-end option to a standard feature on vehicles dramatically increases the expected volume and visibility, as estimating take rates is no longer a factor. This development has huge implications across the board for Luminar, specifically in five key ways.

Firstly, it's all about scale. This validation on multiple fronts solidifies our position as the leader in automotive LiDAR technology. Volvo's reputation was built by introducing new safety features that ultimately set safety standards across the industry and get standardized in a broader capacity. Our goal of achieving series production for autonomy has been surpassed with this announcement, taking it to a completely different level.

As Luminar's Founder and CEO, Austin Russell, mentioned during the quarterly business update call, 'This is validating on multiple fronts.' The company's recent standardization win with Volvo has significant implications for its business. In the past quarter, Luminar has solidified itself not just as the standard in automotive LiDAR but also as a standard for next-generation vehicle safety.

The acquisition and software updates announced during the call further reinforce Luminar's position in the market. The company is expected to raise guidance on key metrics, with its most incredible quarter yet. Austin Russell expressed his excitement about sharing this update, highlighting the major milestones achieved by the company.

During the call, Austin Russell and Tom Fennimore, Chief Financial Officer, provided an overview of Luminar's Q2 2021 results, including GAAP and non-GAAP measures. The company has made significant progress in its journey towards mass production and commercialization of its technology. With this latest development, Luminar is poised to continue its growth trajectory, further solidifying its position as a leader in the autonomous vehicle industry.

Luminar austin russell luminar spac thursdayohnsmanforbes