Luminar stock rallies as Tesla reportedly tests lidar, which Musk said was 'doomed'

May 24, 2021 9:26 AM ETLuminar Technologies, Inc. (LAZR)LAZR, TSLA, VLDR, OUST, AEVA, INVZBy: Brandy Betz, SA News Editor49 Comments
  • Shares of lidar sensor company Luminar (NASDAQ:LAZR) continue to rally today after an Inside EVs report late last week suggested that Tesla (NASDAQ:TSLA) is testing the company's lidar on vehicles.
  • Autonomous driving expert Grayson Brulte tweeted a picture of a Model Y on the road in Palm Beach, Florida, that had California manufacturer plates and what appears to be Luminar's lidar system.
  • Bloomberg sources say Luminar sold the sensors to Tesla as part of an agreement between the companies. The sources weren't clear on what Tesla was doing with the sensors. Uses could include benchmarking the lidar against Tesla's camera-based system or, more obviously but seemingly unlikely, considering lidar for future use.
  • Elon Musk is famously against the use of lidar, saying in 2019 that any company "relying on lidar is doomed." Tesla's AI head Andrej Karpathy said that lidar "gives a false sense of progress, and is ultimately a crutch."
  • Luminar shares are up 10% pre-market to $23.54
  • Peer stocks: Velodyne Lidar (NASDAQ:VLDR), Ouster (NYSE:OUST), Aeva (NYSE:AEVA), Innoviz (NASDAQ:INVZ).
  • Related: Luminar soars after hiring Tesla's general counsel

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