Luminar is fighting with its biggest customer as bankruptcy threat looms
Swedish automaker Volvo has cancelled a five-year-old contract with Luminar, the latest escalation in an increasingly-ugly brawl between the lidar sensor company and its biggest customer. The fight is happening during an existential moment for Luminar. The company recently defaulted on several of its loans. While it’s working with those lenders on a resolution, Luminar has warned investors it may have to declare bankruptcy. To stave that off, Luminar recently laid off 25% of its staff and is trying to sell itself — or parts of itself — to potential buyers. One of them is Luminar founder Austin Russell, who resigned from the CEO role in May during an ethics inquiry. Luminar is also being investigated by the Securities and Exchange Commission, recent filings reveal. Volvo…
