By Chris Wack
Luminar Technologies Inc. shares were up 10% to $14.78 after the company said it entered into a partnership with Mercedes-Benz to accelerate the development of future highly automated driving technologies for Mercedes passenger cars.
Luminar said its Iris lidar technology, which is currently being prepared for series production, is expected to improve vehicle safety and the technical capabilities of highly automated driving systems.
The company said the partnership represents a major commercial win as it continues to execute toward series production.
Luminar stock hit its 52-week low of $13.42 on Wednesday.
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(END) Dow Jones Newswires