Cepton, Inc. Secures Engineering Services Agreement with Automotive Giant Koito Manufacturing
Vancouver, Canada
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May 14, 2024 02:41 PM Eastern Daylight Time
Cepton, Inc. Chief Commercial Officer Mitch Hourtienne joined Steve Darling from Proactive to reveal a significant milestone as the company finalized an Engineering Services Agreement with KOITO MANUFACTURING, a renowned automotive Tier 1 partner and existing shareholder. With a legacy dating back to 1915, KOITO is a global leader in automotive lighting, boasting a network of 30 companies across 13 countries.
Under the agreement, KOITO will extend $10 million in engineering services to Cepton to bolster the product development and execution of a major global OEM program. This collaboration will primarily focus on advancing Cepton's near-range lidar technology, essential for Level 4 autonomous driving capabilities in various on-road and off-road scenarios. The partnership underscores Cepton's commitment to delivering cutting-edge solutions in the autonomous driving space, leveraging KOITO's expertise and resources to accelerate product development and meet the evolving needs of OEM customers worldwide.
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