- Shares of Luminar Applied sciences jumped as a lot as 25% on Monday, extending a 3 day achieve of over 110% that started after the corporate went public by way of SPAC on Thursday.
- The autonomous car start-up makes use of laser sensors, referred to as lidar, that allow automobiles to drive themselves. Elon Musk criticized the know-how, saying “Anybody counting on lidar is doomed,” in 2019.
- Luminar went public by a reverse merger with SPAC Gores Metropoulos. Shares traded above $37 on Monday afternoon.
- Watch Luminar trade live here.
Shares of Luminar Technologies jumped as a lot as 25% on Monday, extending a three-day achieve of over 110% that started after the corporate went public by way of SPAC on Thursday.
Luminar Applied sciences makes use of laser sensors, called lidar, that enable autonomous driving. For years, Tesla CEO Elon Musk has criticized lidar sensors, saying they’re too costly for client automobiles. “Anybody counting on lidar is doomed,” mentioned Musk at Tesla’s 2019 Autonomy Day.
In Could, Luminar introduced an settlement with Volvo to incorporate its Iris lidar sensors in sure Volvo automobiles starting in 2022.
Luminar went public through a reverse merger with particular objective acquisition firm Gores Metropoulos. The mixed firm now trades on the Nasdaq underneath a brand new ticker image “LAZR.” Shares traded above $37 Monday afternoon.