[240723] #Toyota #Luminar #May Mobility

1. Autonomous/Self Driving Vehicle Market to Develop at an Exceptional 37.8% CAGR by 2031

• The autonomous/self-driving vehicle market is experiencing rapid growth, projected to increase from USD 52.09 Billion in 2023 to USD 677.23 Billion by 2031, with a CAGR of 37.8%.
• Advancements in sensor technology and AI integration are making autonomous vehicles a reality, driven by increasing investments in development and rising acceptance.
• Regulatory changes in Japan and South Korea aim to facilitate the commercialization and safety standards of autonomous vehicles, shaping future market dynamics.
• Startups like Wayve, Applied Intuition, and Foretellix are leading innovation in autonomous vehicle technology through significant funding rounds and global expansion efforts.

2. Luminar Launches Sentinel Software for Automakers

• Luminar (Nasdaq: LAZR) launched Sentinel1, a full-stack software suite for advanced safety and autonomous vehicle functionality, after five years of development.
• Sentinel includes Proactive Safety, Perception, 3D Mapping and Localization, Simulation, and Dynamic LiDAR features, with initial shipments to top automakers starting this week and delivery planned for Q3 2024.
• Developed primarily in-house with support from partners like Scale AI, Applied Intuition, and Civil Maps, Sentinel is designed for consumer production vehicles, not driverless robo-taxis.
• Swiss Re’s research indicates that Luminar’s LiDAR and Sentinel software can reduce accident severity by up to 40%, with potential insurance savings for automakers and consumers.
• Luminar plans to offer its own insurance product leveraging these safety benefits.
• CEO Austin Russell highlighted that Luminar’s solution meets new NHTSA mandates for next-generation safety in US vehicles by 2029, expanding their market potential.
• Sentinel, compatible with both combustion engine and electric vehicles, remains in continuous development for integration into future advanced safety and autonomous driving programs.

3. A self-driving car service is coming to Eden Prairie

• The Southwest Transit Commission approved a three-year, $4.7 million deal with May Mobility to launch an autonomous vehicle shuttle service in Eden Prairie.
• The service will begin in the fall, using five autonomous Toyota Sienna vans to replace parts of the Southwest Prime microtransit service.
• Southwest Transit expects to save over $500,000 annually by retiring three existing vehicles.
• Funded partly by federal congestion mitigation grants, the autonomous service aims to fill transportation gaps and enhance data collection in snowy conditions.
• May Mobility previously ran a successful autonomous vehicle pilot in Grand Rapids, MN, starting in 2022, providing over 11,500 rides.

4. Toyota will have advanced autonomous driving and a new LFP battery

• Toyota will present FSD-type driver assistance technology and announce a cost-cutting LFP battery.
• Toyota aims to launch an advanced autonomous driving vehicle in China by 2025 through its joint venture GAC-Toyota.
• The first model with this technology will be the Bozhi 3X SUV, capable of autonomous highway travel, urban driving, and self-parking.
• The technology is developed by Momenta Global, with GAC Toyota also collaborating with Huawei for a new digital platform launching in 2025.
• A new LFP battery, expected by 2026 or 2027, will reduce electric car production costs by about 40%.

5. Robotaxi Mania Upstages Autonomous Bus Progress

• Bus maker Alexander Dennis joins Connector project consortium in Cambridge, UK, with plans to deliver three autonomous buses to the city in 2025.
• SAE Level 4 tech is being developed for mass transit applications by a number of companies, though testing on a city bus level remains largely confined to Europe and Asia.
• Smaller autonomous shuttles have been in the works in the US and Europe, as automakers look to ride-pooling to open up new revenue streams.