Today, Luminar Technologies, Inc., the global leader in
automotive lidar hardware and software technology, and the world’s
largest commercial vehicle manufacturer, Daimler Truck AG announced
a strategic partnership to enable highly automated trucking,
starting on highways. Experts at Daimler Trucks, its U.S.
subsidiary, Daimler Trucks North America (DTNA) and Torc Robotics,
part of Daimler Trucks’ Autonomous Technology Group, with the
experts at Luminar are collaboratively pursuing a common goal of
bringing series-produced highly automated trucks (SAE Level 4) to
roads globally. The teams will work closely together in order to
enhance lidar sensing, perception, and system-level performance for
Daimler trucks moving at highway speeds. To strengthen the
partnership, Daimler Trucks has acquired a minority stake in
Luminar.
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Daimler Trucks and Torc partner with
Luminar to enable automated trucking; Daimler Trucks acquires
minority stake in Luminar (Photo: Business Wire)
Dr. Peter Vaughan Schmidt, Head of Autonomous Technology Group
at Daimler Trucks: “Luminar has pioneered a critical enabling
technology for bringing automated vehicles to the road, and we’re
excited to work closely with them to drive this technology forward.
Their company has proven visionary in its focus and unique ability
to enable long-range sensing and high-speed driving on the highway.
Our common goal is to enable safe deployment of highly automated
trucks and shape the future of the trucking and logistics industry
at large.”
The autonomous trucks are expected to yield dramatic
improvements in efficiency and safety of logistics, with an initial
focus on long-haul routes on highways. This constrained application
of autonomy enables the technology to be commercially deployed in
series production on nearer term time frames compared to urban
autonomous driving development.
“Our partnership with Daimler Trucks is spearheading the next
era of commercial transportation, taking the multi-trillion global
trucking and logistics industry head-on,” said Austin Russell,
Luminar’s Founder and CEO. “The business case for autonomous
trucking is incredibly strong, and now is seeing the first OEM
program to bring it to the world.”
Michael Fleming, CEO of Torc Robotics: “We are excited by the
opportunity to work with Luminar and their long-range, high
resolution Lidar to improve truck safety and enable us to
commercialize self-driving trucks. This is a critical, enabling
technology on our development path.”
The partnership between Luminar and Daimler Trucks will extend
beyond providing critical automotive technology solutions. As part
of their joint commitment to safety, the companies will also
collaborate on safety standards and operating practices, and make
future policy advancements and safety enhancements as a result of
the joint program.
About Luminar
Luminar is an autonomous vehicle sensor and software company
with the vision to make self-driving safe and ubiquitous by
delivering the only lidar and perception platform that meets the
industry’s stringent performance, safety, and economic
requirements. Luminar has rapidly gained 50 industry partners,
including 7 of the top 10 global automotive OEMs. Founded in 2012,
Luminar is a 350-person team with offices in Palo Alto, Orlando,
Colorado Springs, Detroit, and Munich. For more information please
visit www.luminartech.com.
In August 2020, Luminar announced that it has entered into a
definitive agreement to merge with Gores Metropoulos, Inc. (“Gores
Metropoulos”) (Nasdaq: GMHI, GMHIU and GMHIW), a special purpose
acquisition company sponsored by an affiliate of The Gores Group,
LLC. Upon completion of the transaction, Luminar will be listed on
the Nasdaq under the new ticker symbol “LAZR”.
Daimler Trucks’ and Torc Robotics’ successful collaboration and
achievements
Daimler Trucks and Torc Robotics, Blacksburg, VA, based
automated driving technology company, started their collaboration
in spring 2019. In September of the same year, Torc Robotics became
part of Daimler Trucks’ Autonomous Technology Group. Both partners
focus on on-road deployment of a Level 4 test fleet, initiation of
redesign of truck chassis, formalized rigorous testing protocols,
formal truck safety driver certification process, and extended
software capabilities. The Autonomous Technology Group is currently
extending its testing to New Mexico by building up a new testing
center in Albuquerque. Expanding to a new location will support
testing and provide data for more use cases of next generation
vehicles on public roads starting 2020. Initial public road testing
on highways began already in September 2019 in southwest Virginia.
Additionally, closed-track road testing is conducted in Madras, OR,
at Daimler Trucks North America’s High Desert Proving Grounds.
Torc Robotics: software experts, part of the Daimler Trucks
family
The combination of Torc’s and Daimler Trucks’ strengths creates
a unique partnership – blending Torc’s expertise in self-driving
software development and vehicle integration with Daimler Trucks’
experience in delivering reliable and safe trucks. By offering
advanced, road-ready technology, plus years of experience in heavy
vehicles, Torc has grown into a global industry leader in the field
of automated driving. Torc’s SAE Level 4 virtual driver system has
been integrated and tested successfully in multiple platforms
running on public roads from urban to long-distance highway routes
as well as in rain, snow, fog and varying light conditions.
Daimler Trucks, the pioneer of automated trucks
Daimler Trucks is the pioneer of truck automation. In 2014, the
world’s leading truck manufacturer presented the Mercedes-Benz
Future Truck 2025, the world’s first automated truck, and was the
first to demonstrate the technological opportunities and great
potential that automated trucks offer customers and society. In
2015, Daimler’s Freightliner Inspiration Truck obtained the
first-ever road license for a partially automated commercial
vehicle demonstrating the promise of automated driving on the
highways of Nevada. Today, Daimler offers partially automated
driving features (SAE Level 2) with the Mercedes-Benz Actros, the
Freightliner Cascadia and the FUSO Super Great.
Daimler Trucks North America develops redundant vehicle chassis
and infrastructure
Portland-based Daimler Trucks North America (DTNA) is refining a
truck chassis that is perfectly suited for highly automated driving
as well as the redundancy of systems needed to achieve safe,
reliable driving. As part of the Autonomous Technology Group, DTNA
is also researching the infrastructure required for the operational
testing of initial application cases. DTNA is contributing to the
successful development of automated driving technology and vehicle
integration for heavy-duty trucks.
Additional Information about the Transactions and Where to Find
It
Gores Metropoulos, Inc. (“Gores”) has filed a registration
statement on Form S-4 with the SEC (the “Registration Statement”)
and will mail the definitive proxy statement/consent solicitation
statement/prospectus and other relevant documents to its
stockholders. The Registration Statement is now effective. The
Registration Statement, including the proxy statement/consent
solicitation statement/prospectus contained therein contains
important information about the proposed transactions contemplated
by the Agreement and Plan of Merger by and among Gores, Dawn Merger
Sub, Inc., Dawn Merger Sub II, LLC and Luminar dated August 24,
2020 (the “Merger Agreement”) and the other matters to be voted
upon at a meeting of Gores’ stockholders to be held to approve the
proposed transactions contemplated by the Merger Agreement and
other matters (the “Special Meeting”) and is not intended to
provide the basis for any investment decision or any other decision
in respect of such matters. Gores’ stockholders and other
interested persons are advised to read the Registration Statement
and the proxy statement/consent solicitation statement/prospectus,
as well as any amendments or supplements thereto, because they
contain or will contain important information about the proposed
transactions. The definitive proxy statement/consent solicitation
statement/prospectus will be mailed to Gores’ stockholders as of
October 14, 2020, the record date established for voting on the
proposed transactions contemplated by the Merger Agreement and the
other matters to be voted upon at the Special Meeting. Gores’
stockholders are also able to obtain copies of the definitive proxy
statement/consent solicitation statement/prospectus, without
charge, once available, at the SEC’s website at www.sec.gov or by
directing a request to: Gores Metropoulos, Inc., 9800 Wilshire
Boulevard, Beverly Hills, CA 90212, attention: Jennifer Kwon Chou
(email: jchou@gores.com).
Participants in Solicitation
Gores, Luminar and their respective directors and officers may
be deemed participants in the solicitation of proxies of Gores’
stockholders in connection with the proposed transactions. Gores’
stockholders and other interested persons may obtain, without
charge, more detailed information regarding the directors and
officers of Gores in Gores’ Annual Report on Form 10-K for the
fiscal year ended December 31, 2019, which was filed with the SEC
on March 13, 2020. Information regarding the persons who may, under
SEC rules, be deemed participants in the solicitation of proxies to
Gores’ stockholders in connection with the proposed transactions
contemplated by the Merger Agreement and other matters to be voted
upon at the Special Meeting is set forth in the definitive proxy
statement/consent solicitation statement/prospectus for the
proposed transactions. Additional information regarding the
interests of participants in the solicitation of proxies in
connection with the proposed transactions is included in the
Registration Statement.
Forward Looking Statements
This communication may contain a number of “forward-looking
statements” as defined in the Private Securities Litigation Reform
Act of 1995. Forward-looking statements include information
concerning Gores’ or Luminar’s possible or assumed future results
of operations, business strategies, debt levels, competitive
position, industry environment, potential growth opportunities and
the effects of regulation, including whether this transaction will
generate returns for stockholders. These forward-looking statements
are based on Gores’ or Luminar’s management’s current expectations,
estimates, projections and beliefs, as well as a number of
assumptions concerning future events. When used in this press
release, the words “estimates,” “projected,” “expects,”
“anticipates,” “forecasts,” “plans,” “intends,” “believes,”
“seeks,” “may,” “will,” “next,” “should,” “enable,” “accelerate,”
“future,” “propose” and variations of these words or similar
expressions (or the negative versions of such words or expressions)
are intended to identify forward-looking statements.
These forward-looking statements are not guarantees of future
performance, conditions or results, and involve a number of known
and unknown risks, uncertainties, assumptions and other important
factors, many of which are outside Gores’ or Luminar’s management’s
control, that could cause actual results to differ materially from
the results discussed in the forward-looking statements. These
risks, uncertainties, assumptions and other important factors
include, but are not limited to: (a) the occurrence of any event,
change or other circumstances that could give rise to the
termination of the Merger Agreement and the proposed transactions
contemplated thereby; (b) the inability to complete the
transactions contemplated by the Merger Agreement due to the
failure to obtain approval of the stockholders of Gores or other
conditions to closing in the Merger Agreement; (c) the ability to
meet Nasdaq’s listing standards following the consummation of the
transactions contemplated by the Merger Agreement; (d) the risk
that the proposed transactions disrupt current plans and operations
of Luminar or its subsidiaries as a result of the announcement and
consummation of the transactions described herein; (e) the ability
to recognize the anticipated benefits of the proposed transactions,
which may be affected by, among other things, competition, the
ability of the combined company to grow and manage growth
profitably, maintain relationships with customers and suppliers and
retain its management and key employees; (f) costs related to the
proposed transactions; (g) changes in applicable laws or
regulations; (h) whether Luminar’s lidar hardware and software
technology is selected for inclusion in autonomous driving or ADAS
systems by automotive OEMs or their suppliers; (i) changes in
personnel and availability of qualified personnel; (j) the effect
of continued pricing pressures, automotive OEM cost reduction
initiatives and the ability of automotive OEMs to re-source or
cancel vehicle or technology programs which may result in lower
than anticipated margins, or losses, which may adversely affect
Luminar’s business; (k) the ability of Luminar to protect and
enforce its intellectual property rights; (l) the possibility that
Luminar may be adversely affected by other economic, business
and/or competitive factors; and (m) other risks and uncertainties
indicated from time to time in the final prospectus of Gores,
including those under “Risk Factors” therein, and other documents
filed or to be filed with the SEC by Gores. You are cautioned not
to place undue reliance upon any forward-looking statements, which
speak only as of the date made.
Forward-looking statements included in this communication speak
only as of the date of this communication. Except as required by
law, neither Gores nor Luminar undertakes any obligation to update
or revise its forward-looking statements to reflect events or
circumstances after the date of this release. Additional risks and
uncertainties are identified and discussed in Gores’ reports filed
with the SEC and available at the SEC’s website at www.sec.gov.
Disclaimer
This communication is for informational purposes only and shall
not constitute an offer to sell or the solicitation of an offer to
buy any securities pursuant to the proposed transactions or
otherwise, nor shall there be any sale of securities in any
jurisdiction in which the offer, solicitation or sale would be
unlawful prior to the registration or qualification under the
securities laws of any such jurisdiction. No offer of securities
shall be made except by means of a prospectus meeting the
requirements of Section 10 of the Securities Act.
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version on businesswire.com: https://www.businesswire.com/news/home/20201030005574/en/
For inquiries regarding Luminar, please contact: Nicole Phelan
press@luminartech.com
For inquiries regarding Daimler Trucks, please contact: Peter
Smodej peter.smodej@daimler.com
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