Aeva publicizes buyer deal; shares rise even after outcomes disappoint By Reuters

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© Reuters. FILE PHOTO: Sensor is seen on a automobile at Aeva Inc, a Mountain View, California-based startup that makes lidar sensors to assist self-driving autos see the highway in an undated handout picture offered September 4, 2020. Courtesy of Aeva Inc/Handout by way of REU

By Stephen Nellis

(Reuters) – Aeva Applied sciences Inc on Thursday mentioned it signed a deal to develop a sensor for a self-driving automotive to be made by an “undisclosed giant firm,” and its shares rose even because it reported that its loss ballooned and gross sales got here in far beneath forecasts.

Aeva reported first-quarter income of $300,000, down from $500,000 a 12 months earlier and much beneath analyst estimates of $1.38 million, in keeping with Refinitiv estimates. The corporate mentioned its adjusted working loss was $15.6 million, greater than double its lack of $6.1 million a 12 months in the past.

Based by two ex-Apple Inc, Aeva makes a sensor that helps self-driving vehicles navigate by the usage of lidar, a know-how that makes use of lasers very similar to radar makes use of radio waves. The corporate grew to become publicly traded by a reverse merger earlier this 12 months and was one in all a number of lidar companies to take action.

Aeva on Thursday mentioned it had signed a “foundational settlement with an undisclosed giant firm to develop best-in-class lidar” for the shopper’s autonomous driving program. Aeva’s shares have been up 1.3% in after hours buying and selling after the outcomes and buyer announcement.

Aeva has offers with automotive suppliers Denso Corp and ZF Friedrichshafen AG to mass-manufacture its sensors.

Earlier this week, the corporate mentioned it added to its advisory board Apple (NASDAQ:) senior govt Steve Zadesky and Volkswagen AG (OTC:) Senior Vice President Alex Hitzinger. Porsche Automobil Holding SE, Volkswagen (DE:)’s majority voting shareholder, can be an investor in Aeva.

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