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MarketScreener Homepage  >  Equities  >  Xetra  >  Continental AG    CON   DE0005439004

CONTINENTAL AG

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Continental : buys stake in lidar startup Aeye

10/27/2020 | 06:08am EST

DETROIT, Oct 27 (Reuters) - German auto supplier Continental AG said on Tuesday it is buying a minority stake in California lidar startup Aeye Inc to strengthen its position in the market for automated driving systems.

Aeye specializes in long-range laser vision sensors, or lidar, that can discern vehicles in the road up to 300 meters away, or spot a brick in the road 160 meters away.

Continental can add that capability to short-range lidar, camera and radar sensor technology it already has as it competes to equip vehicles due out in the middle of the decade with systems that can automate highway driving.

Continental and Aeye did not disclose the size of the stake the German supplier will acquire, or its cost.

Aeye Chief Executive Officer Blair LaCorte said in an interview that the two companies will work together to compete for contracts being decided over the next year to equip vehicles that will launch in 2024 and 2025 with systems designed to automate highway driving.

The cost of lidar technology is on a steep decline that makes it more realistic for consumer vehicles, LaCorte and Gunnar Juergens, head of Continental's lidar business unit, said.

"We must be below $1,000" per vehicle, Juergens said.

Continental's first priority is the premium light vehicle market, "and the next step would be to apply (technology) to commercial vehicles," Juergens said. "We will see vehicles coming in 2025."

Tesla Inc Chief Executive Officer Elon Musk has said lidar is not necessary to enable automated driving. But rival automakers and major suppliers such as Continental are pushing ahead with efforts to slash the cost of laser vision sensors that can compensate when snow, fog or glaring sun blind camera sensors or radar.

"You want to have lidar on board" when enabling a vehicle to drive itself on a highway, Juergens said. (Reporting By Joe White in Detroit; Editing by Bernard Orr)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CONTINENTAL AG 0.21% 116.95 Delayed Quote.1.47%
TESLA, INC. 2.05% 585.76 Delayed Quote.600.12%
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Financials
Sales 2020 37 416 M 44 760 M 44 760 M
Net income 2020 -489 M -585 M -585 M
Net Debt 2020 4 572 M 5 469 M 5 469 M
P/E ratio 2020 -49,6x
Yield 2020 2,05%
Capitalization 23 391 M 27 966 M 27 982 M
EV / Sales 2020 0,75x
EV / Sales 2021 0,67x
Nbr of Employees 233 688
Free-Float 54,0%
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Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 111,92 €
Last Close Price 116,95 €
Spread / Highest target 41,9%
Spread / Average Target -4,30%
Spread / Lowest Target -43,6%
EPS Revisions
Managers
NameTitle
Elmar Degenhart Chairman-Executive Board
Wolfgang W. Reitzle Chairman-Supervisory Board
Wolfgang Schäfer Head-Finance, Controlling, Compliance & Law
Michael Iglhaut Member-Supervisory Board
Dirk Nordmann Member-Supervisory Board
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