Luminar Technologies reduces workforce by 30% this year

(Reuters) - Luminar Technologies, a maker of lidar sensors for self-driving cars, said on Monday it has cut about 30% of its workforce since the beginning of 2024, from the previously announced 20%, as part of a restructuring plan.

The new staff reduction will result in about $4 million to $6 million in additional cash charges to be incurred primarily in the third and fourth quarters of 2024, Luminar said in a filing.

In May, Luminar had said that along with the 20% layoffs, it is also looking to sub-lease some of its facilities in portions or fully, reducing its global footprint as part of the restructuring.

As of December 2023, the company had nearly 800 full-time employees in the U.S., Germany, Sweden, India and China.

Lidar sensors, considered a key component into achieving full autonomy in vehicles, help self-driving cars and driver-assistance systems gain a three-dimensional map of the road.

(Reporting by Juby Babu in Mexico City; Editing by Alan Barona)

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