Nio Inc’s (NYSE: NIO) LiDAR supplier Innovusion believes radar-based technology is the key for Chinese car companies to overtake bigger rival and electric vehicle segment disruptor Tesla Inc (NASDAQ: TSLA), according to a cnEVpost report.
What Happened: Bao Junwei, CEO of Innovusion, said LiDAR technology could provide rival automakers key leverage as Tesla focuses on the vision-based technology instead.
As per Bao, other companies can’t match Tesla in vision algorithm and chips at this pount of time but the Musk company doesn’t have the advantage gained by an early layout in LiDAR.
Tesla has recently switched to strictly cameras and stopped using radar sensors.
Why It Matters: The Palo Alto, California-based company’s CEO Elon Musk believes that light or camera-based vision is more accurate than radar as the radar introduces more noise than helpful data in a sensor fusion system.
Nio’s premium electric sedan ET7, which is expected to begin deliveries in the first quarter of 2022, is equipped with Innovusion’s LiDAR technology.
Innovision claims its LiDAR has a half a kilometer range and a distance precision of fewer than three centimeters. The company had in June said the LiDAR technology works on the L3 and L4 autonomous driving and complements the L2 autonomous driving as well.
Price Action: Nio shares closed 1.89% higher at $44.17 on Tuesday.
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Photo: Courtesy of Nio
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