After falling a bit following a merger earlier this month, Luminar (NASDAQ:LAZR) stock is recovering a bit on Wednesday morning.
The move comes after the firm announced clarifying details of it’s deal with Mobileye — a subsidiary of Intel (NASDAQ:INTC) — from Nov. 20.
In that release, Luminar said it would begin supplying its automotive LiDAR (light detection and ranging) technology in Mobileye’s “Autonomous Vehicle (AV) Series solution in its next phase of driverless car development and testing.”
On Wednesday, though, Luminar added some more information to that original announcement:
- “Luminar’s technology will be used to enable Mobileye’s TRUE REDUNDANCY™ capability, with multiple self-contained sensor systems to enable uncompromised safety and validation for level 4 autonomous driving.”
- “Luminar and Mobileye have been working together at the development stage for nearly two years, and on November 20, 2020, Luminar signed a contract with Mobileye to provide its lidar in production volumes at sub-$1,000 cost.”
Austin Russell, founder and CEO of Luminar, had this to say about the LAZR stock news:
Luminar is the first and only company that meets the stringent performance, safety, and economic requirements for autonomous production vehicles, and is proud to count Mobileye as a cornerstone launch program for Luminar. It takes intense dedication on all sides to see such a significant and bold program through, and the collaboration is only accelerating as we begin our work on the production solution and get closer to launch.
LAZR Stock News
Overall, it’s been a busy month for Luminar since it began trading under the LAZR stock ticker on Dec. 2. That said, InvestorPlace has been on top of all of the company news since then:
- Luminar SPAC Merger: 4 Things to Know About the AV Play LAZR Stock
- Autonomous Vehicle Stocks: Why LAZR, CGRO and VLDR Stock Are Climbing Today
- Try Luminar for a Still-Early Stake in Self-Driving Auto Tech
- Luminar Technologies Flirts With Autonomy Prime Time
LAZR stock was up 6.6% on Wednesday morning.
On the date of publication, Nick Clarkson did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Nick is a web editor at InvestorPlace.