Luminar Rises on Volvo Deal To Use EV Technology

This post was originally published on this site — Luminar Technologies (NASDAQ:LAZR) rose more than 11% after Volvo AB ADR (OTC:VLVLY) said it will use the company’s lidar system in its forthcoming electric SUV.

It is the first major carmaker to integrate the technology as standard equipment on a vehicle, CNBC reported. The vehicle is set to be unveiled next year. Lidar technology senses surroundings and helps cars avoid obstacles.

Luminar went public via a special purpose acquisition vehicle in December. Shares have more than doubled since then.

Volvo expects to be a fully electric car company by 2030.