Yesterday I added Luminar Technologies NASDAQ:LAZR to my portfolio.
I had this stock on my watch for a couple of months, right after the merger with the SPAC and the share price took off.
Yesterday LAZR published their first Quarterly earnings and provided a business update. In my opinion there were not really shocking information.
On the other hand LAZR also announced a strategic partnership with the largest Chinese automaker SSE:600104. SAIC said about this deal: “The only autonomous vehicle company we seriously considered was Luminar - they are in a league of their own in lidar technology and software, uniquely enabling us to achieve our vision in series production.”
To me this is a confirmation that LAZR has a clear advantage over their competitors in what I believe is a booming market for the next 5-10 years. The automobile landscape is changing with the broader adoption of EV's, but I believe the biggest change will be autonomous driving and LAZR is currently well positioned to be a market leader in that market.