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Lidar company Luminar is convulse its workforce by 20 % and will lean harder on its contract manufacturing pardner as part of a restructuring that will pitch the company to a more “ plus - Inner Light ” line simulation , as it take to descale production .
The cuts will touch on around 140 employees , and are set off immediately . Luminar is also cutting linkup with “ the majority ” of its contract workers .
“ Today , we stand at the hamlet of two realities : the nub of our business has never been stronger across technology , Cartesian product , industrial enterprise , and commercialization ; yet at the same time the working capital market perception of our ship’s company has never been more challenging , ” billionaire father and CEO Austin Russell say in aletterposted to Luminar ’s website . “ [ T]he business model and cost structure that enable us to attain this leading position no longer fit the needs of the society . ”
Russell spell in the letter that the restructuring will make it possible for Luminar to get intersection to market faster , “ drastically cut ” costs , and set the company up better for profitability . The company say in a regulatoryfilingthat the change will reduce operating costs “ by $ 50 million to $ 65 million on an annual basis . ” The company is also reducing its ball-shaped footprint “ by sub - leasing portions or the totality of certain facilities . ”
Luminar will continue to lock its Florida adroitness , which is used for development , testing and research and development , according to spokesperson Milin Mehta .
Luminar declare in April that it had begin send production lidar detector to Volvo to be built into the automaker ’s EX90 luxury SUV . It also announced plans to intensify its relationship with Taiwanese declaration manufacturing caller TPK Holding . TPK has “ commit to an undivided relationship with Luminar , ” Russell wrote in his letter .
