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Luminar Technologies Rally Following Volvo Announcement

Hassan Maishera
·2 minuto per la lettura

The shares of Luminar Technologies are performing excellently today after Volvo announced that it would be integrating its lidar system as standard equipment on a vehicle. This latest development makes Volvo the first major auto manufacturer to integrate the technology.

Volvo integrates the Lidar system into its EVs

Volvo has announced that it would be integrating Luminar’s new Iris lidar system in its upcoming electric flagship SUV. The announcement means that Volvo is the first major car manufacturer to integrate the technology as standard equipment on a vehicle.

The Iris Lidar system is an advanced sensor that allows a car to view its environment better. The system will be integrated into Volvo’s electric flagship SUV, a successor to its current XC90. The electric SUV is expected to be unveiled by next year.

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Volvo CEO Hakan Samuelsson said, “Volvo Cars is and always has been a leader in safety. It will now define the next level of car safety. By having this hardware as standard, we can continuously improve safety features over the air and introduce advanced autonomous drive systems, reinforcing our leadership in safety.”

Lidars (short for light detection and ranging systems) allow cars to sense their surroundings and help avoid obstacles. Luminar founder and CEO Austin Russell is confident that although this is the first time the technology is standardized, it wouldn’t be the last time.

Russell revealed that the technology is integrated into Volvo’s next-generation EV platform, implying that Volvo could offer it as a standard or optional on all of its upcoming electric vehicles.

Luminar Technologies’ stock price performing excellently

Luminar Technologies’ stock price has been rallying since the announcement earlier today. Thanks to this latest development, Luminar Technologies is one of the best-performing stocks today.

LAZR stock chart. Source: FXEMPIRE
LAZR stock chart. Source: FXEMPIRE

LAZR was up by 12% during Thursday’s pre-market trading session. It is now up by 10% since the market opened, surpassing the $24 mark earlier today. The latest rally could see LAZR recover its losses as it is over 20% down year-to-date.

This article was originally posted on FX Empire

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