Why Luminar's Mercedes-Benz Deal Is So Significant
News that lidar start-up Luminar (NASDAQ: LAZR) has secured a deal with -- and an investment from -- German luxury-car stalwart Mercedes-Benz sent Luminar's stock soaring on Thursday: As of 2:30 p.m. ET, it was up about 17.1% from Wednesday's close.
The stock price surge might actually be justified. Luminar's intense focus on making automotive-grade units that can be mass-produced at relatively low cost has helped it stand out amid a crowded field of lidar start-ups.
The auto industry has already taken notice. Luminar last year announced deals with other automakers, including Volvo and China's SAIC.
Source Fool.com
