How Luminar’s doomed Volvo deal helped drag the company into bankruptcy
Luminar says trouble with Volvo started as early as 2022, and that the Swedish automaker made — but then backed away from — large orders of its lidar sensors.
Luminar says trouble with Volvo started as early as 2022, and that the Swedish automaker made — but then backed away from — large orders of its lidar sensors.
The filing marks the end of a tumultuous year full of layoffs, executive departures, and piling debts.
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The fight comes at a perilous time for Luminar, which is running out of cash and under SEC investigation.
The new turmoil comes as founder Austin Russell is trying to buy the company just a few months after being replaced as CEO.
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Austin Russell was replaced in May following an ethics inquiry, but now he wants to use his new AI lab to buy Luminar.