This post was originally published on this site
https://i-invdn-com.investing.com/news/LYNXNPEC6I0CN_M.jpg
Investing.com — 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.
