Luminar Surges Following News it will be Standardized on Next Generation Electric Volvo

Luminar Surges Following News it will be Standardized on Next Generation Electric Volvo

Luminar Technologies (NASDAQ: LAZR) revealed it will be a staple on Volvo Cars’ fully electric flagship SUV. Volvo will become the first big name automaker to incorporate the technology as standard equipment on its automobiles.

Volvo’s new fully electric XC90, set to be unveiled in 2022, will feature state-of-the-art lidar hardware with Luminar’s Iris and perception from its Sentinel solution, as well as a self-driving computer operated by NVIDIA DRIVE Orin and Zenseact and Volve software. Volvo’s vehicle strives to decrease deaths and car accidents in general with its the technology.

“This is a watershed moment for the industry, and Luminar’s most significant win towards establishing the next era of safety technology,” said Austin Russell, Luminar Founder and CEO. “Going from a select highway pilot option to Luminar powering all next generation Volvo flagship cars as standard will kick off this new safety paradigm, serving as the catalyst for what we’ve been calling Proactive Safety. Volvo thinks life saving technology shouldn’t be optional, and we couldn’t agree more.”

Volvo Cars new safety package is anticipated to reduce accidents and the decline is expected to hasten through time amid over-the-air software updates. Furthermore, the technology is set to address traffic circumstances that lead to the majority of severe injuries and fatalities which currently happen.

“Volvo Cars is and always has been a leader in safety. It will now define the next level of car safety,” said Håkan Samuelsson, chief executive of Volvo Cars. “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.”

Luminar shares rose 12% ahead of the markets opening Thursday.

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