Luminar Technologies Inc. shares received a boost late Monday after the autonomous-driving component maker said it was partnering with Taiwan-based TPK Holding Co. to build out its manufacturing capacity in Asia to better serve the growing Chinese market. Luminar
LAZR,
+3.45%
shares rose 2% in after-hours trading after closing up 3.5% at $6, for a year-to-date gain of 21.2%, or 59% off their price 12 months ago.
Late Monday, Luminar announced at the Shanghai International Automobile Industry Exhibition that it had cut the deal with the Taipei, Taiwan-headquartered TPK
3673,
-0.40%,
to expand its manufacturing capacity in Asia, noting a rising demand for its LiDAR products. LiDAR stands for “light detection and ranging,” and the sensor technology is currently widespread in the auto industry for use in computer assisted — and some hope, completely autonomous — driving. TPK, most often associated as a major supplier to Apple Inc.
AAPL,
+0.01%
and Tesla Inc.
TSLA,
+1.10%,
is tasked with not only building the factory but operating it for Luminar, while TPK will invest in the company with the purchase of an unspecified amount of stock. In a statement, Luminar said “roughly half of the 20 million vehicles sold in China last year were from foreig …
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