Benzinga | Nov 9, 2021 11:54AM EST

Why Luminar Shares Are Soaring Today

Luminar Technologies (NASDAQ:LAZR) is trading higher Tuesday after the company announced its lidar solution has been selected to be part of the sensor suite in NVIDIA Corp's (NASDAQ:NVDA) NVIDIA DRIVE Hyperion autonomous vehicle reference platform.

Nvidia's AI vehicle computing platform accelerates development of autonomous consumer vehicles with planned production starting in 2024.

In combination with Luminar's technology, Nvidia's DRIVE Hyperion is expected to provide everything needed to develop production autonomous vehicles.

"The common thread between our two companies is that our technologies are becoming the de facto solution for major automakers to enable next-generation safety and autonomy. By taking advantage of our respective strengths, automakers have access to the most advanced autonomous vehicle development platform," said Austin Russell, founder and CEO of Luminar.

Luminar is focused on using LiDAR technology to transform automotive safety and autonomy.

Related Link: Luminar Skyrockets After Nvidia Chooses Its Lidar For Autonomous Vehicle Platform

LAZR Price Action: Luminar has traded as high as $47.80 and as low as $14.40 over a 52-week period.

The stock was up 37.10% at $24 at time of publication.