Shares of Luminar Technologies, Inc. (NASDAQ:LAZR) are rallying strong Wednesday on the back of hiring announced by the company.

What Happened: Luminar, a provider of lidar hardware and software, said it has appointed Alan Prescott as chief legal officer and Trey Campbell as VP of investor relations.

Campbell was a 20-year veteran at Intel Corporation (NASDAQ:INTC) and has worked in various capacities at the company.

Related Link: Ford Sells Stake In Velodyne Lidar: Could Automaker Be Looking Elsewhere For Autonomous Tech?

Why It's Important: Luminar is in the sweet spot of EV industry explosion, as companies are advancing their autonomous driving technology in which lidar plays a key role.

The company is an emerging leader in next-generation, commercial lidar, as seen with recent and forthcoming automotive series production wins across major automakers and suppliers, BofA Securities analyst John Murphy said in a recent note.

At last check, Luminar shares were jumping 12.51% to $18.49.