Tesla quietly spent $2 million on a technology Elon Musk previously trashed as a 'fool's errand' [Business Insider]
Tesla, Inc. (TSLA)
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Source: Business Insider
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
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