What happened

Shares of MicroVision (NASDAQ:MVIS) have skyrocketed today, up by 33% as of 11:55 a.m. EST, after the company detailed  progress that it is making on its long-range lidar (LRL) sensor. It's been about three months since MicroVision's last update  regarding the product.

So what

MicroVision says it has received "necessary components and equipment" to meet the April milestone of completing A-samples of the LRL sensor. The technology company has commenced outdoor testing of important performance features of the device. The LRL sensor has been in development for over two years, and MicroVision hopes that the sensor will help enable Level 3 and Level 4 autonomous driving technology.

MicroVision's LRL sensor

Image source: MicroVision.

The first-generation LRL sensor is expected to have a range of at least 250 meters with the highest resolution of any lidar sensor, according to CEO Sumit Sharma.

Now what

In a statement, Sharma added:

We believe our LRL Sensor offers two sustainable strategic advantages to potential customers and parties interested in strategic alternatives. We expect the capability of our LRL Sensor to meet or exceed OEM requirements, based on technology we have scaled multiple times over the last decade, as being a very strong strategic advantage. Additionally, our sensor being designed on scalable silicon wafer and laser diode technologies will be capable of achieving scale at costs below $1,000 ASP, a key price point expected for commercial success.

Lidar is utilized by the vast majority of companies that are developing autonomous driving technology, which is also often associated with electric vehicles (EVs).

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