In a new lidar deal, Mercedes is looking to Luminar!
- Mercedes-Benz has agreed to integrate Luminar’s lidar technology in its next generation of automobiles, the firms said on Thursday.
- The German manufacturer is planned to buy up to 1.5 million shares of Luminar over time when milestones are reached as part of the arrangement.
- Later this year, Luminar plans to begin serial production of its lidar technology.
Mercedes-Benz stated Thursday that it planned to employ Luminar’s lidar technology in its next generation of automobiles, sending the company’s stock up by as much as 25% in intraday trade.
The German manufacturer is planned to buy up to 1.5 million shares of Luminar overtime when milestones are reached as part of the arrangement. The firms also agreed to exchange information.
Later this year, Luminar plans to begin serial production of its lidar technology. The businesses did not indicate when Mercedes-Benz, a Daimler subsidiary, expects to use lidar technology in its vehicles, but Luminar founder and CEO Austin Russell said it will be “not too soon.” During an online interview from Germany, he remarked, “It’s a major deal for Luminar.” “It’s yet another important OEM [original equipment manufacturer] news for us, as well as a significant commercial gain.”
Last year, Luminar revealed that Volvo will be the first carmaker to include Luminar’s lidar technology as standard equipment on a new electrified flagship SUV set to debut this year. The contract with Mercedes-Benz is “similar in many ways” to Luminar’s deal with Volvo, according to Russell.
Lidars, or light sensors and ranging systems, can identify obstacles and assist vehicles in avoiding them. They employ light to produce high-resolution pictures that are more precise than cameras or radar alone in providing a perspective of the world.
The shares of Luminar ended at $15 on Thursday, up 11.5 percent. Luminar’s stock has dropped 11.3 percent this month after it went public in a SPAC sale in December 2020. It has a market capitalization of $5.4 billion.
