- Nearly all automotive OEMs have plans to include lidar sensors within their assisted and automated driving platforms
- Gaining public trust in the ability of vehicles to operate safely while providing automated driving features will be a key milestone for widespread adoption
- L2+/L3 ADAS is likely to be an enabler as it helps ease the public with broader hands-free functions while maintaining the ability to take over as needed
- Cepton’s lidar sensors are uniquely positioned to benefit from these core industry growth trends and the Company remains committed to delivering superior driving experiences with added safety and convenience
Automotive OEMs have made headlines recently for accelerating their commitment to hands-free driving. Ford announced during its third quarter earnings release this year that they intend to focus on developing L2/L3 ADAS capabilities and Honda also announced plans to include hands-free features as standard in all their cars by 2030. Given these developments, drivers, and the broader public need to develop trust in next generation automotive technology starting with the assurance that their safety won’t get compromised.
Companies like Cepton (NASDAQ: CPTN), an innovator within the lidar industry aiming to enhance road safety through the development of next generation ADAS technology, could become key in winning the race to wider public acceptance of driverless cars. The Company remains committed to safe and autonomous transportation for everyone as it works toward delivering lidar solutions that are reliable, efficient, and versatile.
The statistics paint a rather grim picture of American road safety. In 2020, around 2.3 million people were injured in traffic accidents, while 38,824 people were killed on U.S. roads (https://ibn.fm/uljlh). Human errors are a leading cause of these accidents. However, despite its potential to turn this grave reality around, the promise of autonomous vehicles – to make driving safer by reducing and/or eliminating human errors – still has work to accomplish to gain widespread public acceptance. Recent research shows that many people still don’t feel safe in fully self-driving cars. More specifically, only 27% of the global population believes they would be safe in them (https://ibn.fm/XeO53). Car manufacturers may believe that drivers are ready for a self-driving future, but some drivers are concerned self-driving technology isn’t ready or mature enough. For example, an AAA survey published earlier this year reported that an astonishing 77% of responders want car manufacturers to focus on improving currently available ADAS systems in new vehicles (https://ibn.fm/I6cGI). This is an area in which Cepton can shine since their initial focus has been around creating products to enable higher levels of ADAS at a price point that promotes mass market adoption.
Since fully self-driving technology and related roadway infrastructure / regulations need time to be developed and approved, ADAS remains a top priority for automakers. ADAS aspires to automate and enhance the driver experience and provide a safer journey by helping with monitoring, alerting, braking, and steering. It is designed to handle elements of the driving experience, aiming to reduce driver error by stepping in if the driver makes a mistake, and helps make driving much more convenient. But to be able to help drivers navigate and respond to potential hazards on the road, ADAS technology must win their trust – and for this, it needs to be accurate and work in a consistent way. False alarms, lack of clarity over what triggers alerts, or the system’s failure to react can all hinder drivers’ confidence in this essential technology.
Cepton believes that improving the ADAS experience for today’s drivers by giving them a stronger sense of safety is essential to preparing our society for a future where a fully assisted vehicle is everywhere. The Company’s high-performing lidar technology can be seamlessly integrated into the vehicle and strives to achieve the highest levels of accident prevention. Designed to create a precise 3D map of a vehicle’s surrounding environment, Cepton’s technology can enable cars to perceive hazards and make decisions with greater certainty (https://ibn.fm/VVUtg). Cepton continues to make strides in terms of building driver confidence and next-generation sensor technology. For example, Cepton recently announced that it is collaborating with NVIDIA to add Cepton lidar models into NVIDIA DRIVE Sim™, in which the company aims to advance the development of lidar-based assisted and autonomous driving functionalities for all customers in various classifications (https://ibn.fm/JwMFn).
Cepton works to enable safer roads today and in the future. ADAS could be the key differentiating feature among automotive brands that compete in the crowded automotive space and car makers that place safety before autonomy could be the ones that win the race toward a self-driving future.
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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