Cepton enters engineering services agreement with Koito Manufacturing

Cepton has announced that it has signed an engineering services agreement with its long-term automotive Tier 1 partner and current shareholder, Koito Manufacturing on May 9. Under the terms of the agreement, Koito will provide Cepton with a total of $10M in engineering services fee for the quarter ended June 30 to support a major global OEM program that Cepton and Koito have recently secured. The agreement will fuel Cepton’s customer-specific product development and program execution efforts for its near-range lidar, which is planned to be deployed in the above-mentioned OEM program as well as by multiple other OEM customers to enable Level 4 autonomous driving capabilities, for both on-road and off-road use cases.