Luminar to cut nearly 20% jobs as part of restructuring
Luminar Technologies, 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.
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Offering CollegeCourseWebsiteIndian School of BusinessISB Product ManagementVisitIndian School of BusinessISB Professional Certificate in Product ManagementVisitMITMIT Technology Leadership and InnovationVisitLuminar is also looking to sub-lease some of its facilities in portions or fully, reducing global footprint as part of the restructuring.
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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.
