Why Luminar Stock Is Rising Today

Luminar Technologies, Inc. LAZR shares are up Tuesday after the company announced a partnership for LiDAR and AI-based assisted driving software for trucking with Plus, a global provider of highly automated driving and fully autonomous driving solutions.

What To Know:  Per the agreement, Luminar will offer support to PlusDrive, Plus's factory-installed assisted driving system for commercial vehicles, by exclusively providing mid- to long-range lidar. In return, Plus will be the exclusive third-party provider of AI-based enhanced driver assist software for Luminar's solution for commercial vehicle OEMs.

"Trucking is a key emerging market for Luminar, and the same products and technology we've successfully executed on for our production consumer vehicle programs are beginning to be deployed on commercial vehicles as well," said Luminar Founder and CEO Austin Russell. "We see Plus as a new strategic partner for us to enable enhanced safety and autonomous capabilities for production commercial vehicles at even greater scale, in light of their commercial success with some of the largest companies in the industry," said Russell.

Other areas of collaboration will include Luminar's commercial vehicle insurance program, high definition mapping, and trucking sensor integration called Blade.

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LAZR Price Action: Shares of LAZR were up 6.44% at $7.19 at the time of publication, according to Benzinga Pro.

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