Luminar Technologies (LAZR) and Toyota (TM) backed self-driving tech firm Pony.ai are joining forces to enhance safe autonomous driving in complex environments. By teaming up with a global leader in lidar hardware and software technology solutions, Pony.ai hopes to accelerate the development of autonomous driving technology.
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Pony.ai plans to use lidars made by Luminar in its robotaxis. Lidars, which are a key component in many autonomous vehicles, are laser-based sensors that perceive the surrounding environment as the car maneuvers through the streets. Pony.ai plans to use lidars made by Luminar in its robotaxis.
Pony.ai has already provided more than 220,000 robotaxi rides. The company currently offers its services in Guangzhou, Shanghai, and Beijing in China, as well as in Irvine and Freemont, California.
Pony.ai has also confirmed plans to deploy autonomous fleets across the globe, starting in 2023. The autonomous fleet will come integrated with a Luminar lidar and a slim profile, with the sensors protruding only 10 cm. off the car roof. Last year, Toyota invested $400 million in Pony.ai to accelerate the development of its autonomous driving technology. (See Luminar stock analysis on TipRanks)
“Luminar is in a league of their own when it comes to lidar and shares our belief that delivering autonomous mobility globally will enable a safe and sustainable future. We’re excited to realize that vision together with them,” said Pony.ai CEO James Peng.
In March, Northland Capital market analyst Gus Richard upgraded Luminar to a Buy from a Hold. The upgrade came on the back of the company unveiling a stack of software solutions as part of its strategic partnership with Zenseact.
“Zenseact is supplying Volvo and Luminar will be the supplier for other auto OEMs. We believe this enhances the value of LAZR as most OEMs do not have the wherewithal to develop a full-stack software capability for hands-free highways,” said Richard.
Richard has a $38 price target on the stock, implying 91.34% upside potential to current levels.
Consensus among analysts on Wall Street is a Moderate Buy based on 2 Buy and 3 Hold ratings. The average analyst price target of $28.40 implies 43% upside potential to current levels.
LAZR scores a 7 out of 10 on TipRanks’ Smart Score rating system, suggesting it is well-positioned to outperform market expectations.
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