Automotive LiDAR – Still alive & kicking
Heading into 2023, LiDAR (Light Detection and Ranging – a 3D imaging technology) appeared to be struggling, given the delays in launching profitable autonomous vehicles and the ~80-90% drop in valuations of SPAC-funded (Special Purpose Acquisition Company) LiDAR companies. LiDAR pioneers were facing severe business hurdles. Some declared bankruptcy (Quanergy, Ibeo), shut down operations (Argo.ai’s LiDAR and AV unit) or announced a merger with a competitor (Velodyne with Ouster). More consolidation is undoubtedly on the horizon since the market opportunities cannot support the number of LiDAR companies that sprouted during the 2015-2020 timeframe (> 70).