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Luminar Technologies, Inc. (LAZR) stock is soaring in the Premarket: What’s Going on?

Shares of the Luminar Technologies, Inc. (LAZR) stock soared in the premarket trading session today on November 9, 2021. LAZR stock price saw a surge of 43.71% to reach $25.15 a share at the time of this writing. The stock was also green in the previous trade and went up by 4.42% at closing. Let’s deep dive to understand the reason behind this bull.

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What’s Happening?

Luminar Technologies today announced that NVIDIA selected its lidar solution for the sensor suite in the NVIDIA DRIVE Hyperion autonomous vehicle reference platform. This is the artificial intelligence-based computing platform that speeds up the development of autonomous consumer vehicles. The production is expected to commence in 2024.

Luminar Iris lidar, which is forward-facing long-range lidar will be used by the DRIVE Hyperion in its Level 3 highway driving configuration. This custom Iris lidar architecture is designed in such a way that it meets the most stringent performance, safety, and automotive-grade requirements. Thus, the next generation production vehicles are safe and provide the facility of autonomous driving.

Previous Event of LAZR stock:

LAZR stock premiered its Proactive SafetyTM system at the IAA Mobility Summit on September 7–12. On-road demonstrations had been provided to the European automakers in the IAA Mobility Summit. LAZR stock did announce two new integrations partnerships with Webasto and Inalfa, thus expanding its customer ecosystem.

New Appointments by LAZR stock:

Back on August 19, 2021, LAZR stock announced the addition of four industry leaders to its executive team for the growth and execution of its next phase. The company appointed Sardar Gautham as the Vice President of Business Operations and Alignment. He was previously serving Waymo as head of hardware strategy & execution. Munir Hafez joined the LAZR stock as the Chief Information Officer. Before joining Luminar, he served Aptiv as the president of strategy and architecture. The company appointed Cheryl Zula to handle the responsibility of Strategic Sourcing and Materials and Alex Vitale as the Head of Corporate Development & Strategy.

Conclusion:

Investors are happy to hear about the recent development of LAZR stock as they responded positively towards this stock so far. LAZR stock has gained almost 17% in the last thirty days however it lost almost 44 % year to date. Luminar stock will provide a quarterly update of its business on November 11, 2021, which will further decide the fate of this stock.

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