Luminar ( NASDAQ: LAZR ) shares rose sharply on the announcement of a “sweeping expansion” of a partnership with Mercedes-Benz ( OTCPK:MBGAF ).
Under the expanded partnership, the LiDAR provider will “integrate the next generation of Luminar’s Iris lidar and its associated software technology” into Mercedes’ next-generation line of vehicles by 2025. The Iris technologically is slated to undergird advanced driver assist and a new conditionally automated driving system for Mercedes vehicles.
“In a first step, we have introduced a Level 3 system in our top line models. Next, we want to implement advanced automated driving features on a broader scale within our portfolio,” said Markus Schäfer, Member of the Board of Management of Mercedes Benz Group AG and Chief Technology Officer, Development & Procurement. “I am convinced that Luminar is a great partner to help realize our vision and roadmap for automated and accident-free driving.”
The financial terms of the partnership expansion were not disclosed, though the press release calls it a “multi-billion dollar deal.”
Shares of Luminar ( LAZR ) shot up 25.6% shortly after the announcement .
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Luminar stock surges over 25% on expanded Mercedes partnership