Orlando, September 25: Luminar Technologies, a US-based self-driving technology developer, has significantly reduced its workforce this year. The tech company known for developing vision-based LiDAR sensors and machine perception reduced 20% of its employees in May 2024 amid broader production process restructuring and cost reduction. Since the beginning of 2024, reports said that the company had laid off about 30% of its total workforce.
According to reports, the Luminar layoffs will result in USD 4 million to USD 6 million in additional cash charges to the company, mainly in the third and fourth quarters of 2024. The self-driving car tech developer has also been looking to sublease its facilities—partially or fully—to reduce its global footprint amid restructuring. As per a previous report, the company laid off employees to improve overall production and save costs. Luminar Layoffs: US-Based Self-Driving Tech Developer Cuts 20% of Its Workforce Amid Broader Restructuring of Its Production Process To Reduce Costs.
Luminar Technologies had around 800 full-time employees in countries like the US, Sweden, Germany, China, and India. The company has adopted a restructuring strategy that would reportedly help lower operating costs and ensure long-term sustainability. Luminar has been facing significant challenges in scaling its production amid high industry competition.
In May 2024, it was reported that the company intended to outsource more production to its partners and transition to an “asset-light” business model. With this move, the LiDAR-tech developer aimed to ensure efficient production and a secured future in the highly competitive tech market. Northvolt Layoffs: Swedish EV Battery Maker Lays Off Around 1,600 Employees Amid Cost Cutting Measures.
This year, Luminar Technologies CEO Austin Russel also said it was difficult for the company to lay off some of these people as they were with the company for years. Luminar develops LiDAR (Light Detection and Ranging) sensors and then ships them to automobile giants like Volvo, Audi, Mercedes-Ben, SAIC from China and others. In May, the CEO said that Luminar layoffs were aimed at saving nearly USD 80 million on an annual basis and around USD 400 million in five years.
(The above story first appeared on LatestLY on Sep 25, 2024 04:43 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website todaynews24.top).
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