Cepton, Inc. (NASDAQ: CPTN) Remains Committed to Delivering Enhanced Safety for All Drivers; Works with Top 10 Global Automotive OEMs to Commercialize Lidar

• Evidence suggests that current ADAS solutions relying on cameras for perception are not yet safe enough due to camera’s limited capabilities of providing accurate perception data 24/7
• In a recent article authored for Forbes, Cepton’s co-founder and CEO Jun Pei calls for widespread adoption of sensor suites that include complementary technologies–including lidar, camera, and radar–that seamlessly work together to enhance safety for drivers
• Cepton remains committed to deploying lidar in all vehicles with the goal of making the driving experience safer and more efficient for all road participants; expands collaboration with Koito to extend beyond its current OEM series production program

“If consumers fail to understand the current capabilities of automated systems and demand the right combination of technology in the vehicles, they may be risking their own lives,” said Jun Pei, the co-founder and CEO of Cepton (NASDAQ: CPTN), a world-leading lidar provider, in a recent article he authored for Forbes (https://ibn.fm/PHdDX). Highlighting that the debate over the single most effective sensor technology for ADAS may be pointed in the wrong direction, Pei reflected on his confidence that lidar could be an optimal response to the safety needs of drivers, in addition to enabling autonomous driving capabilities. “Instead of arguing over the best single technology, we need to focus on making different technologies seamlessly work together without disrupting the modern car design and cost structure. With complementing technology and redundancy, our cars can more accurately perceive their environment, thus lowering the risk of accidents,” he said.

Tests from the American Automobile Association (“AAA”) revealed that vehicles deploying today’s current ADAS technologies fail to consistently avoid crashes (https://ibn.fm/554uy). It has been known for years that relying on cameras, radars, and software cannot provide enough reliability when it comes to detecting object perception. Even when supported by software and AI, which can extract more useful information from camera data, cameras still face challenges in collecting reliable data. Cameras are not only limited by their 2D nature but are also highly reliant on lighting conditions, which can decrease the quality of data they gather.

At the same time, consumers may not fully understand the state of autonomous driving yet and may think the existing technology is more advanced than it is. Therefore, Dr. Pei believes we need to prepare consumers for the arrival of autonomous vehicles with a stronger trust in assisted and autonomous driving technologies. “Several lidar companies—including Luminar, Innoviz and Cepton—have been working with OEMs to deploy lidar in passenger cars in the years ahead.” He notes that those with the most at stake financially—the automakers—already recognize the need for enhancing current safety equipment beyond camera technology. As a result, automakers seeking to develop a more diverse and robust sensor safety suite are increasingly adding lidar. For example, Doug Parks, General Motors’s Vice President for Global Product Development, Purchasing and Supply Chain, pointed out earlier this year at an investor conference that cars without one of the three key technologies—camera, radar, and lidar—will not be able to meet the performance and safety standards customers expect and deserve.

Furthermore, Cepton remains committed to making this potentially game-changing technology available in everyday cars, not just luxury vehicles. The Company expects lidar to benefit more consumers as the technology gets rolled out to all cars, making autonomous driving safer for all. Cepton’s partnership with world-leading automotive Tier 1 supplier, Koito, a Tokyo-based manufacturer with century-long operations, marks a significant milestone on Cepton’s journey to lidar commercialization.

“We’re working with top 10 global OEMs here in North America and Japan and their strategies are still very much intact. So, the progress has been really good with the top 10 OEMs, and specifically with GM” stated Pei (https://ibn.fm/lGdvZ). Here, Cepton appears to have a competitive advantage. What makes it distinctive from other lidar makers is that on top of performance and automotive-grade reliability, its lidars have a small form factor and low power consumption, which can be easily integrated in various locations within both traditional and electric vehicles (https://ibn.fm/zckr6).

For more information, visit the company’s website at www.Cepton.com. 

NOTE TO INVESTORS: The latest news and updates relating to CPTN are available in the company’s newsroom at https://ibn.fm/CPTN

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