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Cepton enters engineering services agreement with Koito Manufacturing
2024-05-13 20:27
- Cepton (NASDAQ:CPTN) has signed a significant engineering services pact with its long-term automotive Tier 1 partner and current shareholder, Koito Manufacturing Co. Ltd (OTCPK:KOTMY), to jump-start execution of a new OEM program.
- The contract will support Cepton's customer-specific product development and program execution efforts for their near-range lidar.
- Per the contract terms, Koito will provide Cepton with a total of $10 million in engineering services fee for the quarter ended June 30, 2024, to support a major global OEM program that Cepton and Koito have recently secured.
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