Tech startup Luminar Technologies Inc. saw its shares jump by double digits on Thursday after industry giant Mercedes-Benz announced plans to use lidar technology from the firm, CNBC reported.
- Under the agreement, Mercedes-Benz will start using Luminar lidar technology in its vehicles in the “not too distant future,” but the companies have yet to provide a specific timetable for the undertaking.
- Mercedes-Benz is also set to purchase as much as 1.5 million shares of Luminar, along with a data-sharing agreement. Luminar Chief Executive Officer and Founder Austin Russell welcomed the deal as a “major commercial win.”
- Shares of Luminar gained as much as 13% on Thursday morning, after closing Wednesday down 6.7% at $13.45 apiece. Shares were down 19% this month, with a market capitalization of $4.9 billion.
Luminar is gearing for the serial production of its lidar technology later in 2022, with a similar partnership agreement already inked with Volvo. LAZR is up 13.61%.