Luminar Technologies Stock Is Rising After Hours: What's Driving The Action?

Luminar Technologies Inc (NASDAQ:LAZR) provided a business update for the third quarter after the bell on Monday. Here’s a look at what you need to know.

What Happened: Luminar said it continues to meet all key deliverables for the Volvo EX90 production ramp. The lidar company said it shipped more product in the third quarter than it did in the past three quarters combined.

Luminar also announced that it was selected as a standard equipment feature on an additional model in the Volvo cars line-up. The company said the selection endorses Luminar’s leadership in lidar and the company’s ability to execute and industrialize at scale.

The lidar company also announced a new advanced decampment contract with a major Japanese automaker. ...