Luminar Technologies (LAZR) Stock Gains Momentum After Bloomberg Report

This morning it emerged in a Bloomberg report that Luminar Technologies (NASDAQ:LAZR) is currently under contract with electric vehicle giant Tesla for developing self driving technology sensors.

Luminar Technologies (LAZR) Stock Gains Momentum After Bloomberg Report

The news has come as a major boost to the Luminar stock and it has rallied by 6% this morning so far. The report states that as part of an agreement reached with Tesla, Luminar sold its sensors for the Model Y.

The speculation emerged regarding the partnership after a photo of a Tesla Model Y equipped with lidar sensors was uploaded on Twitter on Sunday. However, it is also important to point out that the existence of this sort of a contract has not been confirmed by either of the two companies. Luminar refused to comment on the matter and executives at Tesla did not even respond to the requests made by Bloomberg. If confirmation does come from either of the two parties then it could only come as a major boost for the Luminar stock.

Jack Dawkins

Finance and Tech Contributor