Luminar Technologies’ (LAZR) Iris lidar system will become standardized in Volvo’s (VLVLY) upcoming flagship electric vehicle. Luminar stock rose 6.82% on Thursday to $23.95.
The Volvo vehicle with Luminar’s lidar system will be a successor to the XC90 model. The vehicle will be launched in 2022. The technology will help Volvo save more lives and set a new automotive safety benchmark.
“This is a watershed moment for the industry, and Luminar’s most significant win towards establishing the next era of safety technology…Volvo thinks life saving technology shouldn’t be optional, and we couldn’t agree more,” said Luminar CEO Austin Russell.
“Volvo Cars is and always has been a leader in safety…By having this hardware as standard, we can continuously improve safety features over the air and introduce advanced autonomous drive systems, reinforcing our leadership in safety,” commented Volvo Cars CEO, Håkan Samuelsson.
In addition to Luminar’s lidar, the forthcoming Volvo electric vehicle will also include an autonomous driving system powered by Nvidia (NVDA) technology. The autonomous driving feature will be activated once verified as safe for specific conditions and geographic locations.
Luminar says its CEO will be at the Volvo Cars Tech Moment on June 30, where additional details about the technology roadmap will be shared. (See Luminar stock chart on TipRanks).
Northland Securities analyst Gus Richard recently reiterated a Buy rating on Luminar stock and assigned it a price target of $38. Richard’s price target suggests 58.66% upside potential.
Consensus among analysts is a Moderate Buy based on 3 Buys and 4 Holds. The average Luminar analyst price target of $26.43 implies 10.35% upside potential to current levels.
LAZR scores a 6 out of 10 on TipRanks’ Smart Score rating system, suggesting that the stock is likely to perform in line with market averages.
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