Tesla Inc. (NASDAQ: TSLA) CEO Elon Musk has described lidar sensors as a “crutch” for autonomous vehicles. Yet Tesla has become the lidar maker’s biggest customer Luminar Technologies, Inc. (NASDAQ:LAZR).
As noted in Luminar’s earnings report on Tuesday, in the first quarter 2024Tesla contributed more than 10% of Luminar’s revenue, totaling more than $2 million.
Luminar’s revenue decreased 5% from the fourth quarter of 2023, primarily due to reduced sensor sales to non-automotive customers. However, this decline was mitigated by increased sales to Tesla, which became Luminar’s largest lidar customer in the first quarter, TechCrunch reports.
Read also: Luminar Technologies stock jumps on earnings as company reveals Tesla was biggest customer in Q1
The company also reported a 45% year-over-year increase in revenue.
For the first quarter, Luminar reported a net loss of ($125.7) million, an improvement from last year’s loss of ($146.7) million.
Following the announcement of a 20% reduction in workforce and plans to outsource much of its lidar sensor production to grow its business, Luminar has disclosed these financial details.
Tesla has been observed using lidar and other sensors on some test vehicles and is reportedly partnering with Luminar as early as 2021, although details of the deal remain confidential.
Luminar rated Tesla in its earnings because it names clients representing 10% or more of its revenue, consistent with traditional SEC guidelines. This disclosure comes ahead of Tesla’s expected robotaxi reveal on August 8.
Musk always supported that using lidar for autonomous vehicle navigation is a “foolish task”, criticizing the technology at Tesla’s 2019 “Autonomy Day” by comparing it to multiple unnecessary appendages.
Meanwhile, analysts have named Luminar Technologies as its volumes have been affected by lower demand for electric vehicles (EVs) due to their affordability and lack of adequate charging infrastructure.
Luminar Technologies stock has lost more than 74% over the past 12 months. Investors can gain exposure to the stock via Direxion Moonshot Innovators ETF (NYSE: MOON) and First Trust Nasdaq Artificial Intelligence & Robotics ETF (NASDAQ:ROBT).
Disclaimer: This content was partially produced using AI tools and was reviewed and published by Benzinga editors.
Tesla assembly. Photo via Wikimedia Commons
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This item Tesla Surprisingly Becomes Luminar’s Largest Lidar Customer, Contradicting Musk’s Past Criticisms originally appeared on Benzinga.com
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