RTTNews | Jan 20, 2022 10:29AM EST

10:28 Thursday, January 20, 2022 (RTTNews.com) - Shares of Luminar Technologies, Inc. (LAZR) are gaining over 13% on Thursday morning driven by the news that luxury auto company Mercedes-Benz will partner with the self-driving sensor maker to develop highly automated driving technologies for Mercedes passenger cars.

LAZR is currently trading at $15.27, up $1.82 or 13.53%, on the Nasdaq.

Luminar's 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 partnership represents a major commercial win for Luminar, and the company is leveraging its foundational technology as it continues to execute towards series production.

"This partnership is a landmark moment in the industry, demonstrating how substantially increased safety and autonomous driving functions on consumer vehicles are going from sci-fi to mainstream," said Austin Russell, Founder and CEO. "Mercedes-Benz has always been a technological leader and first mover for the industry, with the brand synonymous with automotive innovation, safety, luxury, and quality."

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