Luminar Technologies, Inc. LAZR shares are trading higher Wednesday afternoon after the company and Mercedes-Benz announced an expansion of their existing partnership.
What to Know: Luminar Technologies announced the expansion of its partnership with the popular car manufacturer, Mercedes-Benz. Mercedes-Benz plans to integrate the next generation of Luminar’s Iris lidar and the associated software into its wide range of vehicle lines by mid-decade.
The two companies believe that the performance of the next-generation Iris fits is able to meet the demands of its new conditionally automated driving system, which is built for higher speeds on freeways and enhanced driver assistance in urban environments. The multi-billion dollar deal was described as a “milestone moment” for the conditionally automated driving industry.
"Mercedes' standards for vehicle safety and performance are among the highest in the industry, and their decision to double down on Luminar reinforces that commitment," said Austin Russell, founder and CEO of Luminar.
Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs.
According to data from Benzinga Pro, Luminar Technologies shares were up 30.9%, trading at $7.53 at the time of publication. The stock has a 52-week high of $16.62 and a 52-week low of $3.91.
Photo: courtesy of Luminar.
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