Luminar Technologies shares received a boost late Monday after the autonomous-driving component maker said it was partnering with Taiwan's TPL to build out its manufacturing capacity in Asia to better serve the growing Chinese market.
Luminar Technologies Inc. shares received a boost late Monday after the autonomous-driving component maker said it was partnering with Taiwan-based TPK Holding Co. to build out its manufacturing capacity in Asia to better serve the growing Chinese market.
Late Monday, Luminar announced at the Shanghai International Automobile Industry Exhibition that it had cut the deal with the Taipei, Taiwan-headquartered TPK 3673, -0.40%, to expand its manufacturing capacity in Asia, noting a rising demand for its LiDAR products. LiDAR stands for “light detection and ranging,” and the sensor technology is currently widespread in the auto industry for use in computer assisted — and some hope, completely autonomous — driving.
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.”
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