News Summary

• Volvo has canceled a five-year-old contract with lidar sensor company Luminar.
• The fight is the latest escalation in an increasingly ugly brawl between the two companies.
• Volvo invested in Luminar and helped the Florida-based startup get into some of its first production vehicles.
• Volvo gave Luminar credibility ahead of a 2020 SPAC merger that made Luminar founder Austin Russell one of the youngest self-made billionaires ever.
• Luminar recently laid off 25% of its staff and is trying to sell itself — or parts of itself — to potential buyers.