Shares of lidar-sensor maker Luminar Technologies (NASDAQ:LAZR) were on the rebound on Wednesday morning, trading higher after it clarified the details of its deal to sell lidar units and software to Intel (NASDAQ:INTC) subsidiary Mobileye.
As of 10 a.m. EST, Luminar’s shares were up about 10.3% from Monday’s closing price.
Luminar’s stock price got clobbered on Tuesday after Reuters reported that the CEO fo Mobileye, a key Luminar client, said that his company might develop its own lidar units in-house.
Understandably, that report led to concerns among Luminar investors. But it turns out it was something of a false alarm. In a statement released before the market opened on Wednesday, Mobileye and Luminar clarified that they are still very much doing business together, and there’s no plan to change that.