By Sam Boughedda
Investing.com — Luminar Technologies (NASDAQ:LAZR) stock is up over 22%, to around $21.46 per share Tuesday, after the company announced its lidar sensor has been selected to be part of Nvidia Corporation's (NASDAQ:NVDA) self-driving platform.
Nvidia, the chip and computing giant, is developing the platform with the aim of providing it to car manufacturers to install in their consumer vehicles. The in-car solution is set to include sensors and software tools necessary for self-driving and intelligent cockpit capabilities. It is set to begin production in 2024.
According to Luminar, the DRIVE Hyperion platform will employ one forward-facing long-range Luminar Iris lidar sensor in its Level 3 highway driving configuration.
"Our collaboration with Luminar bolsters the DRIVE ecosystem of companies that are focused on building best-in-class technologies for enabling autonomous driving functionalities," said Gary Hicok, senior vice president of engineering at Nvidia.
"Luminar is pioneering a unique, scalable solution that complements the NVIDIA DRIVE Hyperion platform," he added.
Nvidia shares are also trading higher on Tuesday, up just over 2%.