Stockmarket

Luminar Rises On Mercedes-Benz Deal



© Reuters.

By Sam Boughedda

Investing.com — 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. 

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