Luminar (LAZR) Stock: Why The Price Surged Today

By Amit Chowdhry ● Nov 9, 2021
  • The stock price of Luminar Technologies Inc (NASDAQ: LAZR) increased by over 15% during intraday trading today. This is why it happened.

The stock price of Luminar Technologies Inc (NASDAQ: LAZR) increased by over 15% during intraday trading today. Investors are responding positively to Luminar announcing at the NVIDIA GTC conference that its lidar solution has been selected to be part of the sensor suite in the NVIDIA DRIVE Hyperion autonomous vehicle reference platform. This AI vehicle computing platform accelerates the development of autonomous consumer vehicles with planned production starting in 2024.

By providing automakers a qualified and complete sensor suite featuring Luminar’s lidar solution – on top of NVIDIA’s centralized high-performance compute and AI software – DRIVE Hyperion provides everything needed to develop production autonomous vehicles. DRIVE Hyperion is going to utilize one forward-facing long-range Luminar Iris lidar in its Level 3 highway driving configuration. And Iris’ custom lidar architecture is designed to meet the most stringent performance, safety, and automotive-grade requirements to enable next-generation safety as well as assisted and autonomous driving on production vehicles.

KEY QUOTES:

“NVIDIA has led the modern compute revolution, and the industry sees them as doing the same with autonomous driving. 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.”

— Austin Russell, Founder and CEO of Luminar

“Our collaboration with Luminar bolsters the DRIVE ecosystem of companies that are focused on building best-in-class technologies for enabling autonomous driving functionalities. Luminar is pioneering a unique, scalable solution that complements the NVIDIA DRIVE Hyperion platform.”

— Gary Hicok, Senior Vice President of Engineering, NVIDIA

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.