Luminar Files for Bankruptcy, Sells Lidar Business

Luminar, a lidar technology company, has filed for Chapter Eleven bankruptcy, marking a significant downfall from its once-billion-dollar valuation. The company plans to sell off its lidar business and semiconductor subsidiary during the bankruptcy process. This move comes after a series of challenges, including layoffs, executive departures, and a legal dispute with Volvo, its largest customer. Despite the bankruptcy, Luminar aims to minimize disruptions for suppliers and customers. The companys founder, Austin Russell, resigned as CEO in May and launched a new venture, Russell AI Labs. Russells plans for the lidar assets during the bankruptcy proceedings remain unclear. Luminar reported assets between $100 million and $500 million, with liabilities ranging from $500 million to $1 billion, including debts to Scale AI and Applied Intuition.The Daily News Now! — Every city. Every story. AI-powered. Hosted on Acast. See acast.com/privacy for more information.