Luminar Rises On Mercedes-Benz Deal

© Reuters.

By Sam Boughedda — Luminar Technologies’ (NASDAQ:) stock price is up 19% Thursday after it announced a partnership with Mercedes-Benz. 

The automotive technology company said the deal will help develop future automated driving technologies for Mercedes passenger cars. 

Iris’ lidar technology, which is currently being prepared for series production, is expected to be used in Mercedes vehicles to improve the safety and technical capabilities of highly automated driving systems. 

“The partnership represents a major commercial win for Luminar, and the company is leveraging its foundational technology as it continues to execute towards series production,” Luminar said in its press release. 

Austin Russell, Luminar’s founder and CEO, said the deal demonstrates “how substantially increased safety and autonomous driving functions on consumer vehicles are going from sci-fi to mainstream.”

Earlier this month, Luminar and Volvo Cars announced plans for a next generation SUV to be revealed this year. 

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.


Leave a Reply

This website uses cookies. By continuing to use this site, you accept our use of cookies.