Cepton and Koito to Strengthen Relationship by Expanding Collaboration Efforts
June 27 2022 - 9:00AM
Business Wire
The expanded collaboration efforts are expected
to enable automotive OEMs to accelerate lidar adoption and shorten
time-to-market of ADAS offerings
Cepton, Inc. (“Cepton”) (Nasdaq: CPTN), a Silicon Valley
innovator and leader in high performance MMT® lidar solutions, and
Koito Manufacturing Co., Ltd (“Koito”) (TSE: 7276), a leading
automotive lighting equipment tier-1 supplier, jointly announced
their intention to expand their existing collaboration efforts to
include select future Cepton lidar products and go-to-market
activities. Detailed commercial terms are under discussion.
Cepton and Koito’s automotive supply partnership began in 2017
and resulted in the industry’s largest known ADAS lidar series
production award. Since then, Cepton and Koito have worked together
to seamlessly execute the series production program and have
recently shipped D samples to the OEM customer. Cepton and Koito
intend to enter into a new agreement that will expand the scope of
the companies’ automotive development efforts beyond the current
OEM series production program to cover certain future Cepton
long-range and near-range lidar products and provide for further
collaboration through jointly conducted go-to-market activities
with select automotive customers, initially targeting Japanese
automotive OEMs.
“In the past five years, our team has successfully collaborated
with Koito to commercialize and scale the manufacturing of Cepton’s
lidar technology. Expanded collaboration will further strengthen
the Koito-Cepton partnership and better positions both companies to
address the opportunities in the automotive and non-automotive
markets. I am honored and excited to deepen our relationship for
the long run,” said Jun Pei, Cepton’s Co-Founder and CEO.
“I am pleased to expand our collaboration beyond the current
lidar product for the series production OEM. Koito’s expertise in
large-scale manufacturing combined with Cepton’s technological
innovation will enable both companies to thrive and allow
automotive OEM customers to accelerate lidar adoption and shorten
time-to-market for their ADAS offerings,” said Mr. Michiaki Kato,
Koito’s president.
About Cepton
Cepton is a Silicon Valley innovator of lidar-based solutions
for automotive (ADAS/AV), smart cities, smart spaces and smart
industrial applications. With its patented Micro Motion Technology
(MMT®), Cepton aims to take lidar mainstream and achieve its vision
of safe and autonomous transportation for everyone.
Cepton has been awarded the largest known ADAS lidar series
production award in the industry to date, based on the number of
vehicle models awarded. Cepton is engaged with all other Top 10
global OEMs.
Founded in 2016 and led by industry veterans with decades of
collective experience across a wide range of advanced lidar and
imaging technologies, Cepton is focused on the mass market
commercialization of high performance, high quality lidar
solutions. Cepton is headquartered in San Jose, CA and has a center
of excellence facility in Troy, MI to provide local support to
automotive customers in the Metro Detroit area. Cepton also has a
presence in Germany, Canada, Japan, India and China to serve a
fast-growing global customer base. For more information, visit
www.cepton.com and follow Cepton on Twitter and LinkedIn.
About Koito
Under the corporate message, “Lighting for Your Safety”, Koito
Manufacturing Co., Ltd. (Koito) has been marking a history of
leadership in automotive lighting since its establishment in 1915.
Today, the Koito Group consists of 31 companies located in 13
countries worldwide and provides products and services to customers
all over the world, through the global network led by five major
regions (Japan, Americas, Europe, China, and Asia.) Its products,
recognized for its high quality and advanced technology, are widely
used by automotive makers worldwide. The company is responding to
the future transformation of mobility through the development of
next-generation lighting technologies and related equipment,
control systems, and environmentally friendly products, materials,
and production methods. For more information, please visit
www.koito.co.jp/english.
Forward-Looking Statements
Certain statements herein are “forward-looking statements” made
pursuant to the safe harbor provisions of the United States Private
Securities Litigation Reform Act of 1995. Statements that are not
historical facts, including statements about the agreement Cepton
expects to enter into with Koito, and the parties’ perspectives and
expectations regarding the terms and the commercial success of the
proposed collaboration and go-to-market efforts covered by such
agreement, are forward looking statements. Such forward-looking
statements reflect Cepton’s current expectations or beliefs
concerning future events and actual events may differ materially
from current expectations. Forward-looking statements may be
identified by the use of words such as “estimate,” “plan,”
“project,” “forecast,” “intend,” “will,” “expect,” “anticipate,”
“believe,” “seek,” “target,” “designed to” or other similar
expressions that predict or indicate future events or trends or
that are not statements of historical matters. Any such
forward-looking statements are subject to various risks and
uncertainties, including the risk that Cepton and Koito do not
enter into such an agreement or, if entered into, an inability to
recognize the anticipated benefits of the proposed agreement. If
any of these risks materialize or any of Cepton’s assumptions prove
incorrect, actual results could differ materially from the results
implied by these forward-looking statements. Cepton does not
undertake to publicly update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. You should carefully consider the risk factors and
uncertainties described in the reports, registration statements and
documents filed by Cepton from time to time with the U.S.
Securities and Exchange Commission, including those identified in
the “Risk Factors” and “Forward-Looking Statements” sections of
such filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20220627005257/en/
Cepton, Inc. Contacts Investors: InvestorRelations@cepton.com
Media: Faithy Li, media@cepton.com
Koito Manufacturing Contacts Public Relations Department,
kouhou@koito.co.jp
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