US Lidar Maker Luminar Prepares To Tap China's Growing Thirst For Smart Vehicles - Luminar Technologies (NASDAQ:LAZR)

U.S. lidar maker Luminar Technologies, Inc LAZR looks to launch 1 million Luminar-equipped cars on China roads by 2028.
Luminar is working with TPK to produce up to 600K annual capacity locally, CEO Austin Russell tweeted from Auto Shanghai.
China is a coveted place for foreign automakers and suppliers with its 500 million drivers. China accounts for much of Tesla Inc's TSLA rise, which accounts for more than half of its deliveries and has become a significant manufacturing hub for the EV behemoth.
Also Read: China's New EV Dynamics: BYD Leads EV Race While GM, Honda, Nissan Trail
People in China are ready to pay for smarter cars, TechCrunch cites McKinsey & Company.
Luminar tapped Taiwan's TPK Holding Co, Ltd, a key touch-screen supplier to Apple Inc AAPL and Tesla, to "build and operate an additional high-volume factory driven by rapidly growing demand for Luminar in Asia," the company announced at Auto Shanghai.
The factory adds to its existing manufacturing bases across the U.S., Thailand, Mexico, and China.
At the initial stage, the new TPK factory will likely produce up to 600,000 lidar sensors annually to serve clients like Mercedes-Benz Group AG DMLRY, which just signed a "multibillion" deal to use Luminar lidars in its next-gen vehicles.
Most of the production vehicle models equipped with Luminar will cater to the Chinese market.
At Auto Shanghai, Volvo revealed that its all-electric SUV EX90 Excellence, which will come with Luminar's lidars, will first hit the shelves in China.
TPK also plans to buy Luminar stock to reflect its "belief in Luminar's potential." Luminar has lost over 80% of its value since peaking at $37 in February 2021.
Price Action: LAZR shares traded higher by 1.08% at $6.07 on the last check Tuesday.

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