Luminar announces halt on payments for its Iris LiDAR products supplied to Volvo.
Volvo's Decision on LiDAR: Luminar's largest customer, Volvo Cars, will stop making Iris LiDAR standard on its EX90 and ES90 vehicles starting April 2026, while deferring decisions on future LiDAR integration until 2029.
Legal Action and Financial Impact: Luminar has filed a claim against Volvo for significant damages and has halted further commitments of Iris LiDAR products, leading to a breach notice from its main sensor supplier.
Supplier Relationship Concerns: The breach notice from the sensor supplier could result in the termination of their contract by October 30, 2025, if the issues are not resolved.
Suspension of Financial Guidance: Due to the ongoing disputes and uncertainties, Luminar is suspending its financial guidance for the fiscal year ending December 31, 2025.
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