Luminar suffered setbacks in the Chinese market and was squeezed out by local companies

Luminar's expansion in the Chinese market did not achieve the expected results. Instead, it was strongly squeezed by local LiDAR suppliers and could hardly obtain new fixed-point projects. Although Luminar held a high-profile media conference in China in April 2023 and announced a series of investment and cooperation plans, one year later, it has been squeezed out of the market by its Chinese counterparts.