Mercedes' Future Cars Will Have Luminar Lidar Under New Deal

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Mercedes-Benz said Thursday it plans to use Luminar's lidar technology in future

 

Mercedes-Benz It said on Thursday it plans to use Luminar's Lidar technology in future cars as part of a broader deal that includes data sharing and that the automaker will acquire a small stake in the company.

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As part of the agreement Mercedes-Benz will buy up to 1.5 million shares of Luminar in exchange for certain data and services. Luminar shares have surfaced in the news and are now trading above 17.7 percent.

Luminar's agreement with Daimler North America Corporation will involve the development and integration of the company's technology in the next generation of the series' passenger cars. as well as other scheduled activities

The filing stated Daimler will share certain data from its development and production vehicles with Luminar's Lidars for use in continuous product improvements and updates.In exchange, Luminar agreed to issue 1.5 million shares of Class A common stock to Daimler.

Austin Russell, founder and CEO of Luminar, calls the partnership a "Key Moments" in this Industry “It will show how dramatically increased safety and autonomous driving functionality in consumer vehicles has shifted from science fiction to mainstream.

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