Luminar's shares have fallen 16% since the downgrade. Now, the company's CFO is taking his rebuttal directly to shareholders.
Fennimore argues that Delaney missed two key points.
Fennimore's letter points out that Luminar has already signed contracts to provide hardware and software forincluding Volvo, Polestar, Mercedes-Benz and Chinese auto giant SAIC Motor. Those contracts lock in pricing through the life of those upcoming models, he said. And the second point Fennimore says Goldman missed: The time frame Delaney chose to compare Luminar's valuation against those of its rivals.
Put another way, some of the big contracts that Luminar has already signed won't generate significant revenue until those vehicles launch in the second half of the decade, Fennimore said.
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