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Dec. 16, 2020, 6:21 a.m. EST

Luminar's stock bounces after company and Mobileye said collaboration remains 'full speed ahead'

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By Tomi Kilgore

Shares of Luminar Technologies Inc. /zigman2/quotes/206406153/composite LAZR +3.26% bounced 4.4% in premarket trading Wednesday, after the maker of autonomous vehicle sensor and software maker said its collaboration with Intel Corp.'s /zigman2/quotes/203649727/composite INTC -1.56% Mobileye remained "full speed ahead." The companies "clarified" their deal announced on Nov. 20, after Luminar's stock plunged 17.6% on Tuesday as a MarketWatch sourced confirmed a Reuters report that Mobileye planned to develop its own sensors. On Wednesday, Luminar said it is providing its technology to Mobileye for its Autonomous Vehicle series, its technology will be used to enable Mobileye's True Redundancy capability and the companies have been working together for nearly two years and signed in November a contract in which Luminar provides Mobileye lidar production volumes at sub-$1,000 cost. "In tandem, Mobileye has independently been working on silicon photonics based lidar that could be part of our future solutions," said Mobileye Chief Executive Amnon Shashua. "This has been public for some time and does not change our plans to use Luminar." Luminar's stock, which has plummeted 45.3% amid a five-day losing streak through Tuesday, has still soared 80.5% over the past three months while the S&P 500 /zigman2/quotes/210599714/realtime SPX +0.31% has gained 9.1%.

/zigman2/quotes/206406153/composite
US : U.S.: Nasdaq
$ 16.16
+0.51 +3.26%
Volume: 2.60M
Dec. 8, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$5.66 billion
Rev. per Employee
$37,503
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/zigman2/quotes/203649727/composite
US : U.S.: Nasdaq
$ 51.75
-0.82 -1.56%
Volume: 37.11M
Dec. 8, 2021 4:00p
P/E Ratio
10.05
Dividend Yield
2.69%
Market Cap
$213.80 billion
Rev. per Employee
$704,042
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/zigman2/quotes/210599714/realtime
US : S&P US
4,701.21
+14.46 +0.31%
Volume: 2.16B
Dec. 8, 2021 4:59p
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