Luminar Technologies (LAZR) pops after Volvo talks

Shares of Luminar Technologies (LAZR) surged after talks of Volvo using its LIDAR technology. The SUV will come equipped with Luminar’s new Iris lidar technology, an advanced sensor that allows vehicles to better “see” their surroundings, according to the Swedish manufacturer and start-up. The vehicle, which will replace Volvo’s existing XC90, is slated to debut next year.

Lidar has received a lot of attention for self-driving cars such as delivery vans and trucks, but because to the high cost, it hasn’t gotten as much attention from customers. Companies will only pay roughly $1,000 per vehicle for Luminar’s system, which will first be used to improve vehicle safety.

Volvo has stated that it intends to become a totally electric car firm by 2030, which would aid Luminar in ramping up its lidar technology significantly. According to the firms, the vehicles will eventually offer sophisticated hands-free highway driving as well as partial self-driving capabilities.