Mexican Media Brands
Report: Velodyne Lidar Poised for IPO
San Jose, Calif.-based Velodyne Lidar Inc. has hired bankers to evaluate a possible public stock offering as the company prepares to ramp up for mass production, Business Insider reports.
#economics
Share
San Jose, Calif.-based Velodyne Lidar Inc. has hired bankers to evaluate a possible public stock offering as the company prepares to ramp up for mass production, Business Insider reports.
The lidar supplier, which has been valued at an estimated $1.8 billion, reportedly is working with Bank of America Merrill Lynch, Citigroup, Royal Bank of Canada and William Blair. Velodyne declined to comment.
The company says it has more than 250 customers worldwide, mostly for low-volume prototype applications and autonomous vehicle test fleets. The supplier received a $25 million investment from Nikon last December. As part of the deal, Nikon will produce lidar systems for Veloydne in Japan.
Velodyne also opened its own megafactory in California last year and is partnering with Veoneer, which was spun off from Autoliv in 2018. In 2015, Ford and Chinese internet giant Baidu each invested $75 million in Velodyne.
RELATED CONTENT
-
Mazda, CARB and PSA North America: Car Talk
The Center for Automotive Research (CAR) Management Briefing Seminars, an annual event, was held last week in Traverse City, Michigan.
-
VW Warns of Higher Costs to Develop EVs
CEO Herbert Diess says the €20 billion ($23 billion) Volkswagen AG has budgeted to electrify its entire vehicle lineup won’t be enough to meet that goal.
-
China and U.S. OEMs
When Ford announced its 3rd quarter earning on October 24, the official announcement said, in part, “Company revenue was up 3 percent year over year, with net income and company adjusted EBIT both down year over year, primarily driven by continued challenges in China.” The previous day, perhaps as a preemptive move to answer the question “If things are going poorly in China, what are you doing about it?, Ford announced that it was establishing Ford China as a stand-alone business unit.