Luminar Technologies in Strategic Partnership With SAIC Motor
March 18 2021 - 9:09AM
Dow Jones News
By Chris Wack
Luminar Technologies Inc. said it has entered a strategic
partnership with SAIC Motor Corp. Ltd., the largest auto maker in
China.
Luminar said it will power the autonomous capabilities and
advanced safety features in SAIC's new R brand vehicles for series
production with its light detection and ranging technology, as well
as components of its Sentinel software system.
The R brand program is expected to begin series production with
Luminar starting in 2022.
As part of the collaboration, Luminar will also be establishing
an office in China, to be located in Shanghai alongside SAIC Motor,
where SAIC would also be providing local support for the
partnership.
The partnership is expected to deliver the first autonomous
production vehicles in China.
Luminar engineers will work closely with SAIC Motor engineers to
integrate hardware and software technology into its vehicles and
fully improve their performance and capabilities, which will also
incorporate over-the-air updates to expand the operating domain of
autonomy and further improve the safety of vehicles over time.
Luminar shares were up 13%, to $30.85, in premarket trading.
Write to Chris Wack at chris.wack@wsj.com
(END) Dow Jones Newswires
March 18, 2021 08:54 ET (12:54 GMT)
Copyright (c) 2021 Dow Jones & Company, Inc.
Luminar Technologies (NASDAQ:LAZR)
Historical Stock Chart
From Mar 2024 to Apr 2024
Luminar Technologies (NASDAQ:LAZR)
Historical Stock Chart
From Apr 2023 to Apr 2024
