1/18/2024 0 Comments Should i buy luminar stockInvesting in the fast-growing electric vehicle market looks tricky at the moment. Why Suppliers Might Be A Better Way to Play The Electric Vehicle Market See our indicative theme of Electric Vehicle Component Supplier Stocks – which includes stocks of companies that make EV components and raw materials for batteries. Tesla (NASDAQ:TSLA) – the most valuable carmaker and the undisputed leader in the self-driving space at the moment – doesn’t use lidar technology, instead opting for lower-cost hardware such as cameras and radar systems, which it says perform better compared to lidar. That said, there could be some technology risks. The company has also forged significant partnerships, including deals with seven of the top 10 automakers, and has an order book of about $1.3 billion. Secondly, Luminar’s products combine its custom components and related software into a complete package, which should help the company differentiate itself versus off-the-shelf lidar components which are more commoditized. Luminar pegs its total addressable market at about $5 billion presently and estimates that it could grow to about $150 billion by 2030. So what’s the narrative driving the company’s lofty valuation? Firstly, investor interest in the self-driving market is high, and Luminar is one of the few pure-play stocks in the space. Luminar had a market cap of close to $8 billion in Thursday’s trading, despite posting Revenues of just about $13 million last year. Luminar (NASDAQ: LAZR), a company that makes lidar scanners – a laser-based technology that is used to detect nearby objects in self-driving cars – went public on Thursday.
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