Luminar Technologies Inc. shares traded 11.5% higher after the company announced it has formed a collaborative partnership to integrate its enhanced safety and autonomy technology into production of Mercedes-Benz passenger cars.
Global automotive technology company Luminar Technologies Inc. (LAZR:NASDAQ), focused on developing products and technologies that make autonomous transportation safe and ubiquitous, announced today that it has entered into a collaborative development partnership with Mercedes-Benz AG, a Subsidiary entered into by Daimler AG (DDAIF:OTC). The company said the goal of the agreement will be to “accelerate the development of future highly automated driving technologies for Mercedes passenger cars.”
Luminar Technologies has announced plans to integrate its Iris lidar technology platform into volume production to improve vehicle safety and the technical capabilities of highly automated driving systems. The company claimed that the collaboration with Mercedes-Benz was a major commercial milestone on its journey to bringing its foundational technology into mass production.
The company’s Founder and CEO, Austin Russell, commented, “This partnership is a milestone in the industry and demonstrates how significantly enhanced safety and autonomous driving capabilities in consumer vehicles are moving from sci-fi to mainstream.”
“Mercedes-Benz has always been a technology leader and industry pioneer, with the brand being synonymous with automotive innovation, safety, luxury and quality,” added Russell.
Markus Schäfer, Member of the Board of Management of Daimler AG and Mercedes-Benz AG and Chief Technology Officer of Development and Procurement, commented: “Luminar is the perfect addition to our existing list of world-class collaborations with leading and innovative technology companies achieving SAE Level 3 through Mercedes-Benz has already been a major milestone for automated driving and I strongly believe that partnerships will increase our ambition for what is possible in the future.”
“Cooperation is an essential part of the Mercedes-Benz strategy,” stressed Schäfer.
Luminar Technologies is an Orlando, Florida-based developer and manufacturer of advanced sensor technologies for use in autonomous vehicles. The main task of the company is the development of technologies to improve vehicle safety and autonomy. The company said it has created an advanced hardware and software platform that serves over 50 industry partners and global automotive OEMs. The company’s customers include Volvo Cars, Daimler Trucks, computer chip makers NVIDIA, Intel and Mobileye. Luminar claimed that “it is the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles.” The company manufactures and sells commercial lidar sensors for automotive mobility applications as well as highly sensitive pixel-based sensors.
Mercedes-Benz AG handles the business for Mercedes-Benz Cars and Mercedes-Benz Vans worldwide. The 170,000 employees worldwide focus on the development, production and sale of passenger cars, vans and vehicle-related services. The company is driving its desire to become a global leader in electric mobility and vehicle software. Parent company Daimler AG is an automotive engineering and manufacturing company headquartered in Stuttgart, Germany, known for its brands Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services.
Luminar Technologies has a market cap of approximately $4.9 billion with approximately 361.6 million shares outstanding and a short interest of approximately 7.9%. LAZR shares opened 10% higher today at $14.84 (+$1.39, +10.33%) above yesterday’s close of $13.45. The stock traded between $14.61 and $16.75 per share today and closed at $15.00 (+$1.55, +11.52%).
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