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Share Name Share Symbol Market Type
Luminar Technologies Inc NASDAQ:LAZR NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.3099 1.97% 16.0199 15.92 16.02 16.21 15.49 15.77 1,583,072 00:34:43

Luminar Technologies in Strategic Partnership With SAIC Motor

18/03/2021 1:09pm

Dow Jones News


Luminar Technologies (NASDAQ:LAZR)
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By Chris Wack

 

Luminar Technologies Inc. said it has entered a strategic partnership with SAIC Motor Corp. Ltd., the largest auto maker in China.

Luminar said it will power the autonomous capabilities and advanced safety features in SAIC's new R brand vehicles for series production with its light detection and ranging technology, as well as components of its Sentinel software system.

The R brand program is expected to begin series production with Luminar starting in 2022.

As part of the collaboration, Luminar will also be establishing an office in China, to be located in Shanghai alongside SAIC Motor, where SAIC would also be providing local support for the partnership.

The partnership is expected to deliver the first autonomous production vehicles in China.

Luminar engineers will work closely with SAIC Motor engineers to integrate hardware and software technology into its vehicles and fully improve their performance and capabilities, which will also incorporate over-the-air updates to expand the operating domain of autonomy and further improve the safety of vehicles over time.

Luminar shares were up 13%, to $30.85, in premarket trading.

 

Write to Chris Wack at chris.wack@wsj.com

 

(END) Dow Jones Newswires

March 18, 2021 08:54 ET (12:54 GMT)

Copyright (c) 2021 Dow Jones & Company, Inc.

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