Luminar Stock Is Soaring on a New Deal With Mercedes-Benz

Shares of lidar maker Luminar Technologies (NASDAQ: LAZR) opened sharply higher on Thursday, after the company announced a new deal to supply lidar systems to Daimler's (OTC: DMLR.Y) Mercedes-Benz unit. As part of the deal, Mercedes will also take a stake in Luminar. 

As of 11 a.m. ET today, Luminar's shares were up about 18.8% from Wednesday's closing price.

Luminar and Mercedes-Benz said that they had agreed to a partnership "to accelerate the development of future highly automated driving technologies for Mercedes passenger cars." As part of the deal, Daimler's North American business unit will take a stake in Luminar. 

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Source Fool.com