"Overall, when are those scenarios going to come up? Very rarely, but when they do, we'll be able to see them. How will those cars compare to today's? "We're possibly thousands of times better at seeing edge cases such as a child chasing after a ball," he adds. So confident is he in Luminar, he says it can accelerate the arrival of fully automated cars by as much as five to ten years. Russell says that if they're going to be truly autonomous they'll need to be using his technology. You can't send a car out and miss one in every 100 people."Ĭompanies such as Ford and Uber have pledged to put autonomous cars on the road by 2021. "This is the first sensor to meet the minimum specifications our customers have requested. "We're aiming to help firms get dramatically fewer critical failures or disengagements," Russell says. So, not only can it collect better data, but it's also far cheaper to make. Current LiDARs have to use a separate laser for each line of resolution ("normally you'd need 64 different lasers and receivers"), whereas Luminar's requires only one to create an almost 3D map. He is a Luminar Technologies CEO and became a billionaire overnight after his company’s stock market debut this week. Luminar shares fell 4.2% to $26.30 in Nasdaq trading on Thursday.This means it can see 200 metres ahead, giving the car seven seconds to react to an obstacle when travelling at standard speeds. Austin Russell was born in 1995 and from San Juan Capistrano, California, U.S. Targets for 2021 include increasing its order book by more than 40% and annual revenue of between $25 million and $30 million.įorbes estimates Russell’s net worth at $2.8 billion as of March 18, based on his ownership stake in Luminar. Luminar reported revenue of just $14 million in 2020, mainly from sales of lidar sensors to automotive test fleets. The company also didn’t elaborate on the project’s value in its results call. The SAIC deal will have a “meaningful” impact on Luminar’s revenue, Russell said, declining to provide details ahead of the quarterly results announcement. He declined to identify the manufacturer. Lidar units for both the SAIC and Volvo Cars projects will be produced at a contract facility Luminar is working with in Mexico, Russell said. “The only autonomous vehicle company we seriously considered was Luminar–they are in a league of their own in lidar technology and software, uniquely enabling us to achieve our vision in series production.” “Our new R brand line of vehicles will combine the best technology with luxury and comfort, and autonomous capabilities are central to that vision,” SAIC Motor vice president Yang Xiaodong said. Luminar says its Iris device detects objects 250 meters ahead of a vehicle traveling at highway speed, and will cost between $500 and $1,000, depending on production volume. Its sensors work as a primary component of the hardware for self-driving vehicles that includes digital cameras, radar and a computing system. In contrast to early industry leader Velodyne, which uses multiple lasers in a spinning unit to create detailed “point cloud” maps, Luminar’s approach is a lower-cost single laser beam system, which it says requires less energy to operate. Lidar is a critical technology that helps self-driving vehicles “see” their surroundings in 3D, in daylight or at night.
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