Luminar Technologies (NASDAQ:LAZR) stock is on the rise Thursday following news that it will become standard in the next electric vehicle (EV) from Volvo.
Volvo is planning to reveal the successor to its XC90 next year. When it does, the EV will feature lidar hardware. This is where Luminar Technologies comes into play. These EVs will make use of Luminar’s Iris and Sentinal solutions. It will also be powered by Nvidia’s (NASDAQ:NVDA) DRIVE Orin, as well as Zenseact and Volvo software.
The goal of bringing all of this tech together is to reduce the number of collisions. The EV will also get updates over time that will improve its autonomous capabilities. That includes the ability to handle specific traffic situations and other troublesome events.
Austin Russell, founder and CEO of Luminar Technologies, said this about the news sending LAZR stock higher today.
“Going from a select highway pilot option to Luminar powering all next generation Volvo flagship cars as standard will kick off this new safety paradigm, serving as the catalyst for what we’ve been calling Proactive Safety. Volvo thinks life saving technology shouldn’t be optional, and we couldn’t agree more.”
Russell plans to reveal more details about the collaboration during the Volvo Cars Tech Moment. This will take place on June 30, 2021.
LAZR stock is getting extra attention from traders today with today’s news. As of this writing, nearly 10 million shares of the stock have changed hands. That’s a nice jump compared to its daily average trading volume of about 5.3 million shares.
LAZR stock was up 10.4% as of Thursday morning but is down 21.1% since the start of the year.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.