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LAZR stock rose in early trading on January 20, 2022, after the company announced a partnership with the giant Mercedes-Benz.

Luminar to Enable Enhanced Safety and Autonomy on Mercedes-Benz Passenger Cars

On January 20, 2022, Luminar (Nasdaq: LAZR), a leading global automotive technology company, announced today a partnership with Mercedes-Benz to accelerate the development of future highly automated driving technologies for Mercedes passenger cars.

Luminar’s Iris lidar technology, which is currently being prepared for series production, is expected to improve vehicle safety and the technical capabilities of highly automated driving systems. The partnership represents a major commercial win for Luminar, and the company is leveraging its foundational technology as it continues to execute towards series production.

“This partnership is a landmark moment in the industry, demonstrating how substantially increased safety and autonomous driving functions on consumer vehicles are going from sci-fi to mainstream,” said Austin Russell, Founder and CEO. “Mercedes-Benz has always been a technological leader and first mover for the industry, with the brand synonymous with automotive innovation, safety, luxury, and quality.”

“Luminar is the perfect addition to our existing roster of first-class cooperations with leading and cutting–edge tech companies. Mercedes-Benz’s achievement of SAE Level 3 already marked a huge milestone for automated driving and I am absolutely convinced that partnerships will increase our level of ambition for what is possible in the future. Cooperation is an essential part of Mercedes-Benz’s strategy. Therefore, I am highly delighted to have Austin Russell and Luminar on board for our journey,” says Markus Schäfer, Member of the Board of Management of Daimler AG and Mercedes-Benz AG, Chief Technology Officer responsible for Development and Procurement.

Luminar is a global automotive technology company ushering in a new era of vehicle safety and autonomy. For the past decade, Luminar has built an advanced hardware and software platform to enable its more than 50 industry partners, including the majority of global automotive OEMs. From Volvo Cars for consumer vehicles and Daimler Truck AG for commercial trucks, to tech partners NVIDIA and Intel’s Mobileye, Luminar is the first automotive technology company to enable next-generation safety and autonomous capabilities for production vehicles.

Luminar, Volvo Cars announce plans for next gen SUV to be revealed in 2022

On January 5, 2022, Luminar and Volvo Cars revealed at CES in Las Vegas the launch plans for the all-electric next-generation SUV. “Luminar’s vision is to democratize next-generation safety and autonomy, and we’re already seeing this become a reality with the first vehicle launching on Volvo’s new platform,” said Austin Russell, Founder and CEO. “With Luminar as standard on every vehicle, their next SUV has the opportunity to be the safest vehicle ever produced, while also being the first to enable true autonomy and at highway speed.” The first introduction of Volvo Cars’ Ride Pilot, an unsupervised autonomous driving capability for highways, will be introduced to customers in the state of California first once it has been verified as safe for use and planned to be available as an add-on subscription, the companies said in a statement. As part of this verification process, Volvo Cars has applied for a testing permit with the California Department of Transportation and intends to begin testing on highways in the middle of the year.

Luminar named a top pick for 2022 at Northland

On December 28, 2021, Northland analyst Gus Richard named Luminar (LAZR) a top pick for 2022, citing his view that the company is “leading the automotive lidar race” and contention that it will “likely be the only company in a production vehicle next year.” Luminar is working with the two “leading merchant chip companies,” as it is partnering with Intel’s (INTC) Mobileye and it is in Nvidia’s (NVDA) reference design, said Richard, who also thinks it is likely the company will announce a new production nomination at the upcoming CES meeting. Richard keeps an Outperform rating and $38 price target on Luminar shares.

Luminar boosts stock buyback plan to over $300M

On December 23, 2021, Luminar Technologies announced the successful execution of its previously announced transaction, with the intent to purchase shares and accelerate growth. The deal was oversubscribed based on positive institutional investor support and upsized to a total of $625M in gross proceeds. Luminar expects to use over $300M of the proceeds for LAZR share purchases, while the remaining capital will bolster Luminar’s balance sheet. Luminar intends to use the net proceeds to accelerate business growth including series production capacity expansion, new commercial wins, technology roadmap advancement, international expansion, and accelerating software development. Luminar remains on track to enter the series production phase by the end of 2022.

Luminar resumed with a Buy at Citi

On December 22, 2021, Citi analyst Itay Michaeli resumed coverage of Luminar with a Buy rating and $38 price target. The analyst believes the Consumer Electronics Show could emerge as a positive catalyst for the stock given the event’s “deeper focus” on the consumer autonomous vehicle opportunity as well as technology updates from the company.

📉 LAZR Stock Technical Analysis

The short-term trend is negative, as is the long-term trend. LAZR is one of the lesser performing stocks in the Auto Components industry. 80% of 43 stocks in the same industry do better. LAZR is currently making a new 52 week low. This is a very bad signal. The S&P500 Index is trading in the upper part of its 52-week range, so LAZR is lagging the market. Prices have been falling strongly lately, it is better to avoid new long positions here.

There is a resistance zone ranging from 16.64 to 16.85. This zone is formed by a combination of multiple trend lines and important moving averages in the daily time frame. There is resistance at 17.31 from a trend line in the weekly time frame. There is also resistance at 20.71 from a trend line in the daily time frame.

The technical rating of LAZR is bad and it also does not present a quality setup at the moment. The Setup Rating of LAZR stock is 1 out of 10. Prices have been extended to the downside lately. For a nice entry it is better to wait for a consolidation. Click here to sign up for email alerts on when LAZR stock consolidates and has a Setup Rating of 8 or higher.