MicroVision skyrockets 50% after announcing progress on Lidar tech for self-driving cars

MicroVision Lidar rendering.
MicroVision Lidar rendering.

  • MicroVision announced progress on its Long-Range Lidar (LRL) Sensor on Thursday causing share prices to soar.
  • The company says it will meet its April milestone of completing A-Samples of the LRL Sensor.
  • Sumit Sharma MicroVision’s CEO says the company expects its censors to meet or exceed OEM requirements.
  • MicroVision’s stock has appreciated 1225% in the past six months causing short-sellers to take note.
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MicroVision stock skyrocketed as much as 50% on Thursday after the company announced it has made significant progress on its patented Lidar technology for autonomous vehicles.

MicroVision said it received the necessary components and equipment to meet its April milestone of completing A-Samples of its Long-Range Lidar (LRL) Sensor and it started outdoor testing of key performance features on its development platform.

“We expect MicroVision’s Long-Range Lidar Sensor, (LRL Sensor) which has been in development for over two years, to meet or exceed requirements established by OEMs for autonomous safety and autonomous driving features,” said Sumit Sharma, Chief Executive Officer of MicroVision.

MicroVision’s CEO also said he expects his company’s first generation Lidar sensor to have a range of 250 meters and “the highest resolution at range of any lidar with 340 vertical lines up to 250 meters, 568 vertical lines up to 120 meters, and 944 vertical lines up to 60 meters.”

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MicroVision’s stock has gained 1,225% in the last six months and over 3,000% throughout the past year. The rapid rise in share prices for a company that doesn’t produce any significant revenues caused short-sellers to take notice.

In December Hindenburg Research blasted MicroVision calling the company a “corporate husk.”

“We are short $MVIS. In a market gone mad, this $1.2 billion market cap corporate husk with almost no revenue or intellectual property value is a standout.” Hindenburg Research tweeted

“It has risen 5,000% from lows this year on misguided retail euphoria over its LiDAR IP portfolio amid a broad EV bubble,” Hindenburg continued. “No one buys patents these days for any real money unless the patents have been put through the test of at least an IPR, our IP attorney told us.”

MicroVision claims its Lidar sensors are some of the best, most scalable products in the industry.

Read more: BlackRock says investors haven’t fully priced in the structural changes brought about by the pandemic – and pinpoints 2 areas of the market that can still run for years

“We expect the capability of our LRL Sensor to meet or exceed OEM requirements, based on technology we have scaled multiple times over the last decade, as being a very strong strategic advantage,” Sharma said. 

“Additionally, our sensor being designed on scalable silicon wafer and laser diode technologies will be capable of achieving scale at costs below $1,000 ASP, a key price point expected for commercial success,” added Sharma.

The company posted just $639,000 in revenue during the three months that ended in September and a net loss of $2.8 million.

MicroVision traded up 29.57%, at $18.14, as of 3:32 p.m. EST on Thursday.

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Amazon’s autonomous vehicle startup Zoox just unveiled a robotaxi EV without a steering wheel that can go 16 hours without charging – see what it looks like

zoox autonomous vehicle threequarter view
The firm says its first vehicle can run for 16 hours at a time.

  • Amazon-owned autonomous-taxi company Zoox unveiled its first vehicle Monday. 
  • Zoox designed the vehicle for cramped city streets, giving it the ability to drive in both directions and steer with all four wheels. 
  • The electric vehicle can travel 16 hours between charging, Zoox said. 
  • Visit Business Insider’s homepage for more stories.

After six years in business, Zoox – Amazon’s autonomous vehicle company – unveiled its first self-driving taxi

The firm on Monday took the wraps off of an electric “purpose-built robotaxi” that it developed for its future ride-hailing service. The “carriage-style” vehicle has two bench seats that face one another and accommodates up to four passengers. It’s designed to be fully self-driving and doesn’t have a steering wheel. 

Zoox Autonomous Vehicle   Studio Side Female Entering Vehicle
The firm’s new vehicle will be deployed as part of a future ride-hailing service.

Zoox developed the vehicle to shuttle passengers around in dense urban environments. As such, it’s only 143 inches long – shorter than a Mini Cooper. It also has bidirectional-driving capabilities and four-wheel steering, which enables it to maneuver in small spaces and change directions without needing to reverse.

The taxi has a top speed of 75 mph and can travel up to 16 hours on a full charge of its 133 kWh battery. 

zoox autonomous vehicle interior
The taxi seats four passengers.

With a system of lidar, radar, and cameras mounted at all four corners, Zoox said its vehicle eliminates “typical blind spots” and allows for a 270-degree view at each corner. 

Zoox hasn’t revealed when it will launch its ride-hailing service but confirmed to Bloomberg that it won’t be in 2021. The company is currently testing its technology in Las Vegas, San Francisco, and Foster City.

Zoox Autonomous Vehicle   Single Side   Coit Tower SF
Zoox is currently testing its technology in San Francisco, Foster City, and Las Vegas.

Zoox is one of several companies sprinting to bring autonomous vehicles to city streets. This year, Waymo and GM’s Cruise announced plans to begin testing fully driverless cars to the streets of Phoenix and San Francisco, respectively.

Read more: Aurora is buying Uber’s self-driving unit and Amazon grabbed Zoox as the autonomy industry consolidates. Experts say these 7 companies could be acquired next.

And Cruise revealed its own dedicated, autonomous six-passenger vehicle called the Origin in January. But many major players integrate their automated-driving technology into existing cars – so Zoox’s new taxi sets the company apart in that respect. 

Zoox Autonomous Vehicle   Reveal Front Half
Zoox said its system of radar, lidar, and cameras gets rid of typical blind spots.

The vehicle’s debut comes as the autonomous-vehicle space has started to consolidate – the industry is coming to terms with how challenging it is to develop driverless cars without immense financial resources.

Amazon bought Zoox for a reported $1.2 billion earlier this year, and Aurora Innovation announced it would acquire Uber’s self-driving division, Uber ATG, this month. 

Read the original article on Business Insider