In this extensive article by Bloomberg entitled, How a Billion – Dollar Autonomous Vehicle Start-up Lost its Way, the authors present a case that Quanergy is experiencing problems with its manufacturing, ability to retain key people and overall focus. This is the first big name in the lidar for autonomous vehicles space to be identified as having problems, but it may not be the only one.
After announcing a partnership with Mercedes-Benz in 2015 Quanergy promised solid state lidar at low prices and raised $160 million at a $1.5 billion valuation.
In July Daimler AG, the parent of Mercedes announced that it was running a test program for autonomous vehicles in the Bay Area with a number of partners. Quanergy was not on the list. Daimler would not comment on its relationship with Quanergy.
The autonomous car business has not developed the way that the Quanergy expected and so they have been looking at other markets for their lidar technology including plans to build a “digital border” wall along the Mexican border.
The CEO and co-founder of Quanergy, Louay Eldada responded yesterday with an article in Medium that opened with,”Bloomberg published today a negative story about Quanergy and the LiDAR industry. The negativity within the article was based primarily on anonymous sources, including disgruntled former employees and some of our competitors.”
Quanergy is seeking new capital. Eldada said that about a third of the investment would come from China. He did say that the previous investors were not going to participate in the new round.
For the entire Bloomberg article click here.
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