This agreement will have Luminar Technologies working with Mercedes-Benz on its new generation of self-driving passenger cars. This will see LAZR’s Iris lidar technology used in the vehicles to improve the safety and capabilities of autonomous systems.
Austin Russell, founder and CEO of Luminar Technologies, said the following about the deal boosting LAZR stock higher today.
“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. Mercedes-Benz has always been a technological leader and first mover for the industry, with the brand synonymous with automotive innovation, safety, luxury, and quality.”
Luminar Technologies notes that its Iris lidar technology is currently undergoing preparation for series production. That will allow it to meet the demand needed to supply Mercedes-Benz with its technology.
Investors are also excited about the Mercedes-Benz deal as LAZR stock sees heavy trading today. As of this writing, more than 22 million shares of the company’s stock have been traded. To put that in perspective, the company’s daily average trading volume is closer to 6.3 million shares.
LAZR stock is up 23.1% as of Thursday afternoon but is still down 7.9% since the start of the year.
Investors on the lookout for the most recent stock market news today will want to stick around!
InvestorPlace houses all the latest stock coverage without daily deep dives into the market. For Thursday, that includes what to expect from Netflix (NASDAQ:NFLX) earnings after the bell, the buyout news boosting Casper Sleep (NYSE:CSPR) shares, as well as details on Blend Labs (NYSE:BLND) as the stock rises higher today. You can get all of these details, and more, by checking out the following links below!
More Stock Market News for Thursday
- NFLX Stock: 10 Things for Investors to Expect From Netflix Earnings Thursday Night
- CSPR Stock Soars on Buyout Approval. 8 Things to Know.
- BLND Stock: 9 Things to Know About Blend Labs as Shares Get a Big Boost Today
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.