Luminar Technologies (NASDAQ:LAZR) stock is tightening its iron grip on the lidar industry today with the announcement of a new partnership. Where the company was previously advancing business strategies on the ground with the auto industry, it is now setting its sights on the sky with an airplane industry leader.
Lidar, or light detection and ranging tech, is an industry with a lot of eyes on it recently. MicroVision (NASDAQ:MVIS) saw a surge last week as it became one of the most discussed stocks on r/WallStreetBets. The larger Luminar had big news of its own with the announcement of two new board executives from Intel (NASDAQ:INTC) and Tesla (NASDAQ:TSLA).
LAZR Stock Gets a Boost from Airbus Collaboration
Airbus revealed its Flightlab ecosystem in January. The project aims to test a variety of cutting-edge technologies with flight testing. The hope is for Airbus to implement these new technologies in its fleet in the future. Ultimately, the company has plans to fully automate the flight process.
As the leader of the lidar sensor industry, LAZR was an obvious choice for Airbus to test the sensors. The company has inked plenty of contracts with unmanned aerial vehicle manufacturers, but the Airbus partnership take the tech a step further. The company is now looking at implementing its tech in aerial passenger vehicles.
Investor interest is already booming around Luminar. Last month, analysts labeled LAZR stock as the likely leader of the lidar industry. With commercialization planned by 2022, and high expected revenues through 2021, most are bullish on LAZR stock. The Airbus partnership is just the first in a slew of expected partnership deals for the company this year.
LAZR stock is up 17% this morning, trading at $26.09.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.