DETROIT – General Motors Co (NYSE: GM) announced today it acquired LIDAR technology company Strobe, Inc. As part of the deal, Strobe’s engineering talent joins GM’s Cruise Automation team to define and develop next-generation LIDAR solutions for self-driving vehicles.
“Strobe’s LIDAR technology will significantly improve the cost and capabilities of our vehicles so that we can more quickly accomplish our mission to deploy driverless vehicles at scale,” said Kyle Vogt, Founder and CEO, Cruise Automation.
LIDAR uses light to create high-resolution images that provide a more accurate view of the world than cameras or radar alone. As self-driving technology continues to evolve, LIDAR’s accuracy will play a critical role in its deployment.
“The successful deployment of self-driving vehicles will be highly dependent on the availability of LIDAR sensors,” said Julie Schoenfeld, Founder and CEO, Strobe, Inc. “Strobe’s deep engineering talent and technology backed by numerous patents will play a significant role in helping GM and Cruise bring these vehicles to market sooner than many think.”
Last month, Cruise Automation revealed the world’s first mass-producible car designed with the redundancy and safety requirements necessary to operate without a driver. The vehicle will join Cruise’s testing fleets in San Francisco, metropolitan Phoenix and Detroit.
General Motors Co. (NYSE: GM, TSX: GMM), its subsidiaries and joint venture entities produce and sell vehicles under the Chevrolet, Cadillac, Baojun, Buick, GMC, Holden, Jiefang and Wuling brands. GM has leadership positions in several of the world's most significant automotive markets and is committed to lead the future of personal mobility. More information on the company and its subsidiaries, including OnStar, a global leader in vehicle safety, security and information services, can be found at https://www.gm.com.
Forward Looking Statements: This press release may include forward-looking statements. These statements are based on current expectations about possible future events and thus are inherently uncertain. Our actual results may differ materially from forward-looking statements due to a variety of factors, including: (1) our ability to deliver new products, services and experiences that attract new, and are desired by existing, customers and to effectively compete in autonomous, ride-sharing and transportation as a service; (2) sales of full-size pick-up trucks and SUVs, which may be affected by increases in the price of oil; (3) the volatility of global sales and operations; (4) aggressive competition, including the impact of new market entrants; (5) changes in, or the introduction of novel interpretations of, laws, regulations or policies particularly those relating to free trade agreements, tax rates and vehicle safety and any government actions that may affect the production, licensing, distribution, pricing, or selling of our products; (6) our joint ventures, which we cannot operate solely for our benefit and over which we may have limited control; (7) compliance with laws and regulations applicable to our industry, including those regarding fuel economy and emissions; (8) costs and risks associated with litigation and government investigations; (9) compliance with the terms of the Deferred Prosecution Agreement; (10) our ability to maintain quality control over our vehicles and avoid recalls and the cost and effect on our reputation and products; (11) the ability of suppliers to deliver parts, systems and components without disruption and on schedule; (12) our dependence on our manufacturing facilities; (13) our ability to realize production efficiencies and cost reductions; (14) our ability to successfully restructure operations in various countries; (15) our ability to manage risks related to security breaches and other disruptions to vehicles, information technology networks and systems; (16) our ability to develop captive financing capability through GM Financial; (17) significant increases in pension expense or projected pension contributions; (18) significant changes in the economic, political, and regulatory environment, market conditions, and foreign currency exchange rates; and (19) uncertainties associated with the consummation of the sale of GM Financial’s European financing subsidiaries and branches to the PSA Group, including satisfaction of the closing conditions. A further list and description of these risks, uncertainties and other factors can be found in our Annual Report on Form 10-K for the fiscal year ended December 31, 2016, and our subsequent filings with the Securities and Exchange Commission. GM cautions readers not to place undue reliance on forward-looking statements. GM undertakes no obligation to update publicly or otherwise revise any forward-looking statements.
# # #