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Why Luminar Technologies Stock Was Up Thursday

Why Luminar Technologies Stock Was Up Thursday

Shares of Luminar Technologies (NASDAQ: LAZR) were rising Thursday as Volvo announced it would be using the start-up's lidar technology on its upcoming electric SUV. Luminar Technologies is an early-stage company, so securing contracts with large automakers like Volvo is a big deal for the potential viability of its products. Lidar, which stands for Light Detection and Ranging, uses lasers and pulsing light that enables computers to sense the world around them and create intricate 3D maps.