LAZR Stock: Why Luminar Technologies Shares Are Driving Higher Wednesday

After falling a bit following a merger earlier this month, Luminar (NASDAQ:LAZR) stock is recovering a bit on Wednesday morning.

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The move comes after the firm announced clarifying details of it’s deal with Mobileye — a subsidiary of Intel (NASDAQ:INTC) — from Nov. 20.

In that release, Luminar said it would begin supplying its automotive LiDAR (light detection and ranging) technology in Mobileye’s “Autonomous Vehicle (AV) Series solution in its next phase of driverless car development and testing.”

On Wednesday, though, Luminar added some more information to that original announcement:

  • “Luminar’s technology will be used to enable Mobileye’s TRUE REDUNDANCY™ capability, with multiple self-contained sensor systems to enable uncompromised safety and validation for level 4 autonomous driving.”
  • “Luminar and Mobileye have been working together at the development…

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