Why Luminar's Stock Is Trading Higher Today

Luminar Technologies Inc LAZR is trading higher Thursday morning after the company announced it will be standard on next-gen Volvo AB VLVLY electric cars.

Luminar aims to help Volvo save more lives with its LiDAR technology, as the automaker sets a new benchmark for automotive safety.

Volvo is set to unveil its fully electric successor to its XC90 vehicle in 2022. Volvo's new fully electric flagship vehicle will come with Luminar’s Iris and perception from its Sentinel solution. The vehicle will also include an autonomous driving computer powered by NVIDIA Corp NVDA, as well as Zenseact and Volvo software. 

“This is a watershed moment for the industry, and Luminar’s most significant win towards establishing the next era of safety technology,” said Austin Russell, founder and CEO of Luminar.

See Also: Luminar Rolls Out Blade Autonomous Technology For Cars, Trucks, Robo-taxis

Price Action: Luminar has traded as high as $47.80 and as low as $16.02over a 52-week period.

At last check Thursday, the stock was up 11.20% at $24.94.

Photo courtesy of Volvo.