It isn’t clear if Tesla actually intends to use lidar in its vehicles, considering that the company has invested significantly in camera-based systems. While having the world’s most valuable auto company test out hardware might appear positive for a fledgling company, it probably doesn’t mean too much for Luminar. This is interesting, considering that Tesla relies on a camera-based system for its autonomous-driving system, with CEO Elon Musk previously dismissing the use of laser-based sensors, produced by the likes of Luminar, as unnecessary. But if lidar winds up being the preferred technology of AV developers, it still has a chance to provide substantial returns.Luminar (NASDAQ: LAZR), a company that develops lidar sensors for use in self-driving cars, saw its stock move considerably late last week, following reports that EV behemoth Tesla was spotted testing Luminar’s sensors on its vehicles. Innoviz has a partnership with auto parts giant Magna International (NYSE: MGA), who conceivably could become a suitor down the line if the company shows promise.
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Valuation is far more reasonable, with a market capitalization below $2 billion pro forma for the merger. The relative lack of enthusiasm toward Innoviz seems like a concern. That’s been particularly true in the automotive space, with Nikola (NASDAQ: NKLA) and QuantumScape (NYSE: QS) two prominent examples.
But many SPACs have soared after their mergers were announced. The merger was announced at $10 in December CGRO trades around $13 at the moment.Ī 25% “pop” isn’t terrible, obviously. The second, related, issue is that CGRO stock simply hasn’t done all that much. That aside, part of the appeal of the SPAC process is for the merger target to end up with a sponsor with industry experience, something which isn’t necessarily the case here.
The fact that Collective Growth pivoted to a lidar play - and rather quickly - doesn’t provide a ton of confidence in the vetting process. It was set up by former Canopy Growth (NYSE: CGC) chief executive officer Bruce Linton to invest in a cannabis company. The first is that Collective Growth wasn’t designed to invest in an automotive play. But it’s worth highlighting two key reasons for skepticism toward the merger. Innoviz Technologies, which is merging with SPAC Collective Growth, has potential. For those who see signs of a bubble, patience is advised. For investors who believe the market was simply late to the story, LAZR stock is intriguing.
There hasn’t been much in the way of news that supports that rally instead auto-tech stocks simply have gone a little nuts. LAZR stock has more than tripled since November, and that rally came after two months of basically sideways trading following the announcement of a merger between then-private Luminar and special purpose acquisition company (SPAC) Gores Metropoulos. Luminar’s tech has been built from the ground up, and a partnership with Volvo (OTCMKTS: VLVLY) puts a high-end imprint on that technology.
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That includes not only long-term growth in autonomous vehicles, but ADAS (advanced driver assistance systems) for driver-controlled vehicles. Luminar has estimated that its total addressable market will reach $150 billion by 2023. Indeed, our Matt McCall this month called LAZR stock the best pure-play on self-driving cars. The most valuable of the lidar stocks, LAZR is an intriguing growth play.
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