Luminar Shares Climb 8.8% on Contract Win with Japanese Automaker

Dow Jones11-12

Shares of Luminar Technologies on Monday climbed after the company said it secured a contract with a major Japanese automaker.

The stock was up 8.8% to $1.11 in post-market trading. Through Monday's close, shares had fallen 70% since the beginning of the year.

The maker of sensors and software used for safety and autonomous-driving features said the contract with the unnamed Japanese automaker supports its AI software capabilities.

It also marks Luminar Technologies' next phase in the collaboration to build the Japanese automaker's next generation advanced driver assistance system using Luminar's light detection and ranging (LiDAR) data collection, the company said.

Luminar Technologies didn't disclose financial details of the contract.

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