Lidar stocks increases, Apple targets car production by 2024

Apple, a leading American multinational technology company, is reportedly targeting to begin production of an Apple-branded car for users by 2024. In fact, two firms that make lidar sensors found their stocks rising soon after Reuters reported the news.

On Monday, the stocks of Velodyne rose to 23%, whereas Luminar’s stock jumped up to 27%.

Lidar is an essential component for self-driving cars which allows their computers to take a 3D image of their surroundings. The sensor measures the velocity or range of objects by using a process which is just like radar, bouncing lasers off the object and when the light comes back, the sensors could calculate how distant the object is and whether it is moving.

Self-driving car firms such as GM’s Cruise and Waymo of Alphabet make heavy usage of lidar in their self-driving systems. As per reports, Apple has thought of using partners from outside for its self-driving systems parts, such as lidar sensors.

Though, the report does not name any forthcoming lidar suppliers to Apple, further noting that the firm could instead choose to use its designed lidar sensors. Novel iPads and iPhones come with a lidar sensor designed by Apple in their camera modules, however the sensor would have to be altered for use on a vehicle.

Apple has tested various self-driving cars in California having a safety driver behind the wheel who could take over. Initial version of those cars had noticeable lidar sensors mounted on the top, however a later version identified on streets of California hid the sensors within a casing. In addition, Apple also runs number of vehicles capturing street-based imagery for Apple Maps, having been equipped with lidar sensors.

A current wave of excitement around self-driving and electric cars has substantially driven up the prices of stocks in the sector. As of Monday, the stocks of Tesla are up 655% YTD. Well-known lidar firms have profited from investor excitement.

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Having completed her Post Graduate degree in Digital Marketing, Shreshtha always nurtured an innate passion for writing. She works as a content writer at and pens down news articles spanning numerous verticals. Her other interests include reading and travelling.