: Luminar stock surges on expansion in Asia to serve Chinese market


Luminar Technologies Inc. LAZR, +3.45% shares received a boost late Monday after the autonomous-driving component maker said it was partnering with a major Apple Inc. AAPL, +0.01% and Tesla Inc. TSLA, +1.10% supplier to expand its manufacturing capacity in Asia to better serve the Chinese market. Adding another 3.3% gain after hours, Luminar shares rose 3.5% to close at $6 for a year-to-date gain of 21.2%, or 59% off their price 12 months ago. Late Monday, the company said at the Shanghai Auto Show it signed a deal with TPK Holding Co. 3673, -0.40% to build and operate a factory in Asia to meet growing demand for Luminar’s products in the region. Also, Luminar said TPK will invest in the company with the purchase of an unspecified amount of stock. In a statement, Luminar said “roughly half of the 20 million vehicles sold in China last year were from foreign-branded automakers, many of which are Luminar partners,” and that of the “more than 20 production vehicle models Luminar is designed into, the majority are also slated for the China market,” such as Volvo’s VOLV.B, +0.81% VOLV.A, +0.73% EX90 Excellence, which will come with Luminar’s LiDAR as a standard feature for safety and autonomous capabilities.

This article was originally published by Marketwatch.com. Read the original article here.

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