Tesla CEO Elon Musk, who calls lidar sensors a “crutch” for driverless vehicles, has made Tesla Luminar’s top customer by ordering a lot of lidars
Tesla contributed slightly more than $2 million, or “over 10%,” of Luminar’s revenue in the first quarter of 2024, the lidar manufacturer disclosed on Tuesday in its first-quarter earnings report.
Luminar primarily ascribed the 5% decline in revenue from the fourth quarter of 2023 to “lower sensor sales to non-automotive customers.” “Sales of sensors to Tesla, our largest lidar customer in Q1, offset” that decline.
Additionally, Luminar reported an annual revenue increase of 45%.
The organization posted a net loss of $125.7 million during the initial quarter, indicating a slight improvement compared to the $146.7 million in losses documented during the corresponding period of the previous year.
Luminar disclosed that accelerated depreciation for equipment anticipated to be abandoned due to outsourcing actions initiated in the fall of 2023 was included in its net loss.
A few days before disclosing its results, Luminar announced its intention to reduce its workforce by 20% as part of a reorganization involving outsourcing a significant portion of the lidar sensor production to expand the company.
According to reports, Tesla has been observed equipping some of its test vehicles with lidar and other sensors, and a partnership with Luminar dates back to 2021.
The agreement’s specifics have never been revealed. By mentioning customers who contribute 10% or more of revenue, Luminar included Tesla in its earnings report in accordance with its historical SEC guidance, according to the company.
The new information was revealed mere months before August 8, when Tesla is expected to unveil a robotaxi.
Elon Musk has consistently maintained that predicting the navigation of autonomous vehicles on lidar is a “fool’s errand.” “Anyone relying on lidar is doomed!” he declared at Tesla’s “Autonomy Day” event in 2019.