146 days ago • Posted by Charles-Henry Monchau

Lidar stocks soar after report that Apple is working on a car for 2024

Reuters reported on Monday that Apple is aiming to start production of an Apple-branded car for consumers as soon as 2024. That boosted the stocks of two companies that make lidar sensors, a core component for self-driving cars that allows their computers to take a 3D image of the world around them. The sensors measure the range or velocity of objects using a process that is similar to radar -- they bounce lasers off objects and when the light returns, the sensors can calculate how far away the object is and if it’s moving. Self-driving car companies like Alphabet’s Waymo and GM’s Cruise make heavy use of lidar in their self-driving systems. Apple has decided to use outside partners for parts of its self-driving system, including lidar sensors, according to the report. Velodyne stock rose nearly 23% on Monday. Luminar rose over 27%  - source: CNBC 

LIDAR sensor, a core component for self-driving cars