By Sam Boughedda
Investing.com — Luminar Technologies (NASDAQ: LAZR ) deal with Mercedes-Benz was a "major commercial win," said Northland Capital Markets analyst Gus Richard.
Luminar is an autonomous vehicle sensor and software company. On Thursday, Luminar announced a partnership with Mercedes-Benz for its lidar technology to be used in Mercedes vehicles.
"Reference designs at NVDA, partnership with Mobileye (F: 0ME ), first production cars with Lidar in 2022 (Volvo XC90 and SAIC R Brand), and now Mercedes passenger car win it is difficult to dispute that LAZR is the Lidar Leader," Richard said.
The analyst said further that they now "expect more design wins this year and these early platform wins lock in the company for a long time and provide a first-mover advantage."
While Luminar shares closed 11% higher Thursday on news of the deal, its stock price has given back most of those gains on Friday, currently down 8.4%.
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