Luminar to cut nearly 20% jobs as part of restructuring

Luminar Technologies

03/05/2024 23:13

May 3 (Reuters) - Luminar Technologies  LAZR.O , a maker
of lidar sensors for self-driving cars, said on Friday that it
would cut its workforce by about 20%, as part of a restructuring
plan for the current year.
    As of December last year, the company had nearly 800
full-time employees in the U.S., Germany, Sweden, India and
China.
        
    Luminar is also looking to sub-lease some of its facilities
in portions or fully, reducing global footprint as part of the
restructuring. 
    The plan will be implemented immediately and lead to an
annual reduction in operating costs by $50 million to $65
million post completion by this year's end, the company said.
    The company launched its latest lidar sensor, Halo, in
April, partnering with auto-software maker Applied Intuition to
aid car makers in testing their assisted-driving systems.
    Lidar sensors help self-driving cars and driver-assistance
systems gain a three-dimensional map of the road, and is
considered a key to achieving full autonomy in vehicles.
    
    
    

 (Reporting by Juby Babu in Mexico City; Editing by Mohammed
Safi Shamsi)
 ((Juby.Babu@thomsonreuters.com;))