The car giant’s decision has put the company in great difficulty, the situation is complicated: here’s what’s happening.
It’s certainly not an easy time for the motor industry. It is really complicated for companies to be able to navigate the current difficult context, which presents numerous challenges even for the largest motoring giants. International political tensions and conflicts have had an incredible impact on the global economy, already severely tested even before Covid. Added to this are the challenges more closely linked to the motor industry, such as the entry of new important players in the international scene, such as China, and the competition from low-cost models ready to challenge the continent’s giants. The delicate electricity transition did the rest, with ever-increasing costs and demand that is struggling to take off. In short, everyone had to quickly adapt to a situation which, even from a regulatory point of view, presents numerous uncertainties with careful optimization of resources.
The result is that many companies have found themselves facing significant losses and a crisis situation. Some managed to re-emerge with difficulty, while others had to raise the white flag. Not only among the large motoring giants, but also among all those smaller but still essential companies for the supply chain that in one way or another, especially for example suppliers, collaborate in the production process. This time it is another important reality that is experiencing a difficult situation.
Luminar, difficult moment for the company
As reported by colleagues at Motorboxthe closure of the supply agreement with Volvo (which had announced not too long ago that its models would no longer use LiDAR sensors) brought Injunctionspecialized in this sector, so much so that the company filed for bankruptcy in Texas declaring bankruptcy.
The company has assets of between 100 and 500 million dollars according to what was learned in court, while it has liabilities of between 500 million and 1 billion. Liminar now aims to begin a restructuring process, which will however require the sale of its LiDAR activities. The agreement for the sale of the subsidiary Luminar Semiconductor was reached for a sum of 110 million dollars in cash. However, the company will continue to operate and will guarantee both regular supplies and the payment of salaries.
