![]() Chatterjee added that Luminar is the only company in its peer group that he does not expect to require incremental capital raises.Īs for Cepton ( CPTN), Chatterjee noted that the “sustainability of growth as 元 applications take center stage” provides for some uncertainty in coming years. Luminar ( LAZR), meanwhile, sets itself apart via its focus on 元+ applications that should help the company “exit the decade with the strongest revenue amongst the peer group despite a smaller order book relative to Innoviz currently,” in his view. “We expect the combination of numerous wins, large volume wins, balance of LiDAR costs and performance and ability to support highway autonomy at high speeds to position Innoviz to ramp revenues well into the end of the decade, while cost discipline should drive profitability,” Chatterjee wrote. He explained that Innoviz ( INVZ) is particularly underappreciated as its industry-leading order book and “compelling margins” add to its observable ramp in revenue. Meanwhile, Cepton ( NASDAQ: CPTN) and Velodyne Lidar ( NASDAQ: VLDR) were rated at Hold and Sell-equivalent ratings, respectively. In terms of top picks, Chatterjee selected Innoviz ( NASDAQ: INVZ) and Luminar ( NASDAQ: LAZR) as the best options for investors at present. ![]() “However, debates remain rife in relation to the winning technology approach in LiDAR, the differentiation between players and the recipe for success as automakers pursue a multi-pronged strategy of preparing some vehicle platforms for L2 functionalities while some OEMs look to leap frog to 元+ with some other developments.” “We believe the debate around value-add of a LiDAR in a sensing suite has been long settled, with decisions to exclude LiDARs largely a cost-based decision rather than performance,” he wrote. ![]() But based on conversations with the company, spinning lidars continue to be their main focus.JP Morgan analyst Samik Chatterjee told clients that while opportunity is likely to abound in LiDAR technologies in coming years, stockpicking remains paramount in the sector. Velodyne is also producing a solid-state lidar called the Velarray. In practice, this means that a vehicle needs four Luminar units to provide the same 360-degree coverage as a single Velodyne unit. Luminar says it can cover 120 degrees horizontally. ![]() There's an obvious cost advantage to using just one laser, and this approach can give more flexibility about the vertical resolution and scanning frequency of a lidar unit.īut a big downside of this design is that it can't provide 360 degree coverage. Both sell lidars with a single laser that scans across the landscape with the help of a tiny moving mirror. Luminar and Innoviz take a dramatically different approach from Velodyne's. Today, Velodyne has models that use 16, 32, 64, and 128 lasers. Since then, Velodyne has created a number of different lidar models that operate on the same basic principle. To build his original lidar, David Hall mounted 64 lasers on a spinning gimbal that rotated several times per second.
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