Luminar Technologies Rises 8% As Volvo To Use Its Lidar System On New EV

Shares of vehicle sensor and software company Luminar Technologies, Inc. (LAZR) are rising more than 8% Thursday morning after the company said its lidar system will be standard on Volvo’s forthcoming electric flagship vehicle.

The fully electric successor to Volvo Cars’ XC90, to be unveiled in 2022, is set to come with Luminar’s Iris lidar system, the company said.

“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,” said Austin Russell, Luminar Founder and CEO.

Lazr is at $24.34 currently. It has bee trading in the range of $9.95- $47.80 in the past 52 weeks.

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