: Luminar stock surges as Chinese demand for LiDAR-equipped vehicles prompts factory expansion in Asia

by | Apr 17, 2023 | Stock Market

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
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
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.
and Tesla Inc.
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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