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Tesla quietly spent $2 million on a technology Elon Musk previously trashed as a 'fool's errand' [Business Insider]

Tesla, Inc. (TSLA)  More Company Research Source: Business Insider
Last tesla, inc. earnings: 4/29 04:11 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.tesla.com
Tesla CEO Elon Musk has repeatedly slammed lidar and referred to it as a "fool's errand." It's unclear how Tesla is using lidar, but in 2021 the EV giant signed a contract with Luminar. Tesla spent around $2 million on lidar, a technology used in EVs that Elon Musk has previously referred to as a "fool's errand" and that any carmakers relying on it are "doomed." But according to a recent earnings report from lidar manufacturer Luminar, Tesla was its largest customer last quarter and "comprised more than 10%" of its revenue during the period. That's about $2 million, given that Luminar's reported quarterly revenue was $21 million. Luminar did not respond to a request for comment. Lidar stands for light detection and ranging, and it uses light pulses to measure distance and create a 3D image of its surroundings. It's often used in EVs, specifically in self-driving and Advanced Driver-Assistance Systems, to help detect a vehicle's surroundings. Tesla's purchase of the techno [Read more]
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Stockreport

Tesla quietly spent $2 million on a technology Elon Musk previously trashed as a 'fool's errand' [Business Insider]

Tesla, Inc.  (TSLA) 
More Company Research Source: Business Insider
Last tesla, inc. earnings: 4/29 04:11 pm Check Earnings Report
US:NASDAQ Investor Relations: ir.tesla.com
Tesla CEO Elon Musk has repeatedly slammed lidar and referred to it as a "fool's errand." It's unclear how Tesla is using lidar, but in 2021 the EV giant signed a contract with Luminar. Tesla spent around $2 million on lidar, a technology used in EVs that Elon Musk has previously referred to as a "fool's errand" and that any carmakers relying on it are "doomed." But according to a recent earnings report from lidar manufacturer Luminar, Tesla was its largest customer last quarter and "comprised more than 10%" of its revenue during the period. That's about $2 million, given that Luminar's reported quarterly revenue was $21 million. Luminar did not respond to a request for comment. Lidar stands for light detection and ranging, and it uses light pulses to measure distance and create a 3D image of its surroundings. It's often used in EVs, specifically in self-driving and Advanced Driver-Assistance Systems, to help detect a vehicle's surroundings. Tesla's purchase of the techno [Read more]
IMPACT SNAPSHOT
EVENT TIME:
TSLA
Last Price
Price Change
Price Change %
Volume Shares
Max Up
Max Down
Volume Ratio
%
Don't Miss Out On The Next BIG Stock Move
Performance comparison Updated
EVENT DAY
Stock performance from the time of news release until the following 4pm ET market close
LAST PRICE AT
NEWS EVENT
SINCE EVENT
Multi-day stock performance from the time of the news release
LAST PRICE
VWAP
High:
MAX UP
High:
Low:
MAX DOWN
Low:
%
 POST NEWS RANGE
%
PRICE CHANGE
PRICE CHANGE PERCENTAGE
S&P 500 (SPX)
%
 VOLUME RATIO
%
VOLUME (SHARES)
TICKS
AVG SHARES PER TRADE
EVENT DAY
Event Day Chart will not be displayed beyond 90-day period of the event
PERFORMANCE SINCE EVENT
TIME AND VELOCITY ANALYSIS