At Extreme Investor Network, we provide cutting-edge insights into the world of finance, investing, and market trends. Today, we dive into the surprising news that Tesla, a company known for its stance against lidar technology, has become the largest customer of lidar manufacturer Luminar Technologies.
Despite CEO Elon Musk’s public criticism of lidar sensors as a “crutch” for autonomous vehicles, Tesla contributed over 10% of Luminar’s revenue in the first quarter of 2024, totaling more than $2 million. This partnership marks a significant shift in Tesla’s approach to sensor technology and hints at potential developments in the autonomous driving space.
Luminar Technologies, in its recent earnings report, revealed that Tesla’s increased sales helped offset a 5% decrease in revenue from the previous quarter, making Tesla Luminar’s largest lidar customer. The company also reported a 45% increase in revenue year-over-year, showcasing its growth potential in the market.
While some analysts have raised concerns about Luminar’s stock performance due to weaker demand for electric vehicles and lack of charging infrastructure, investors can still access the stock through ETFs like Direxion Moonshot Innovators ETF and First Trust Nasdaq Artificial Intelligence And Robotics ETF.
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