- Cepton develops lidar sensors for ADAS and autonomous driving, and has been awarded the largest lidar production contract to date with products set to debut next year across General Motor’s Ultra Cruise ADAS platform
- Award covers 4 target vehicle models in 2023, 4+ models in 2024, and an anticipated 4+ models in 2025 with Cadillac being the first to introduce the Ultra Cruise technology
- Cepton’s proprietary MMT(R) technology provides a highly competitive price for performance and reliability
- Founder-led, visionary management team with substantial “skin in the game”
Since becoming public in early 2022, Cepton (NASDAQ: CPTN) has not deviated from its plan to be a leader in lidar. The Silicon Valley-based company made D-sample shipments in Q1 in support of GM’s Ultra Cruise program, which is the final stage before scale production, and is on-track to potentially be the world’s first lidar company to have its products found in consumer vehicles.
Lidar, an acronym for light detection and ranging, is a remote sensing technology that bounces light off surrounding objects to accurately create a map of the environment. Lidar has been around for decades and has emerged as an integral component in advanced driver assistance systems (“ADAS”) and autonomous vehicles. In addition, lidar can be used in various non-automotive applications, enabling smart cities, automated tolling, last-mile delivery, autonomous trucking, robotics, etc.
High cost has been one major problem with lidar systems for automakers, reserving it to only high-end models. Cepton has helped address this issue with its MMT(R) (micro-motion technology) lidar system, which was developed with mass market consumer vehicles in mind and has attracted the attention of top automotive OEMs (original equipment manufacturers) and Koito Manufacturing, a leading tier-1 automotive lighting supplier that has invested $100 million in Cepton.
Cepton along with its tier-1 partner Koito Manufacturing is the recipient of the largest known ADAS lidar series production award to date with its lidar systems integrated into GM’s Ultra Cruise program. This program is expected to be released in 2023 on select GM vehicles with Cadillac being the first to introduce the technology. The Ultra Cruise advanced driver assist system is designed to enable door-to-door hands-free driving in 95 percent of all driving scenarios in North America.
GM has agreed to use Cepton lidar products for its first 9 models that will offer Ultra Cruise in 2023 and 2024 and the companies are collaborating on potential additional models that will be introduced in 2025 and beyond. Cepton is currently engaged with all top 10 automotive OEMs worldwide.
Cepton is advancing multiple projects worldwide in smart infrastructure. For example, Cepton partnered with The Indoor Lab to provide real-time crowd analytics at Orlando International Airport, which helped create one of the world’s safest terminals during the COVID-19 pandemic, covering roughly 50K square feet of terminal area. Cepton has recently worked with Fibre Based Integrations, an established fiber optics system house in South Africa to develop a lidar-based vehicle detection system in Cape Town to monitor lane usage.
Cepton continues to invest in developing its portfolio of next generation products and technologies including its near range lidar, Nova, which were shipped to multiple global top-10 automotive OEMs (B-samples) for evaluation this quarter. The company also recently completed the architecture design for its second ASIC with tape out expected by the end of the year. This ASIC is a scalable companion chip to Cepton’s first ASIC with an emphasis on electronics component integration that reduces cost and dependency on the electronics supply chain.
Cepton announced this month the opening of its new corporate office in Metro Detroit (Troy, MI) to serve as its automotive hub as the company continues to expand its active engagements and initiatives with OEMs.
For more information, visit the company’s website at www.Cepton.com.
NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN
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