Why Luminar Technologies Shares Are Ripping Higher Today

Luminar Technologies Inc (NASDAQ: LAZR) is trading higher Thursday after the company announced a partnership with Mercedes-Benz to accelerate the development of future highly automated driving technologies for Mercedes passenger cars.

Luminar’s Iris lidar technology is expected to improve vehicle safety and the technical capabilities of highly automated driving systems. The lidar technology is currently being prepared for series production.

"This partnership is a landmark moment in the industry, demonstrating how substantially increased safety and autonomous driving functions on consumer vehicles are going from sci-fi to mainstream," said Austin Russell, founder and CEO of Luminar.

Luminar is an autonomous vehicle sensor and software company with the vision to make autonomy safe and ubiquitous by delivering the lidar and associated software that meets the industry's stringent performance, safety and economic requirements.

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LAZR Price Action: Luminar has traded as low as $13.42 and as high as $40.98 over a 52-week period.

The stock was up 14.3% at $15.37 at time of publication.

Photo: courtesy of Luminar.