- Luminar Technologies Inc LAZR has partnered with the mobility tech company ECARX to collaborate on automotive grade technologies.
- The partnership intends to enable advanced safety and automated driving capabilities in the production of consumer vehicles and commercial trucks.
- The arrangement is expected to strengthen Luminar's presence in China and help to deploy its long-range lidar and software in the market.
- As part of the collaboration, Luminar will make a strategic stock-based investment in ECARX.
- "ECARX has earned an esteemed reputation and strong track record of success in the world's largest auto market, China," said Luminar CEO Austin Russell.
- Price Action: LAZR shares are trading higher by 4.52% at $9.61 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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