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Polestar and Luminar gain on expanded partnership announcement

Investing.com
·1-min read

By Michael Elkins

Shares of Polestar (NASDAQ:PSNY) are up 5.77% in early trading on Thursday after the company announced alongside Luminar Technologies (NASDAQ:LAZR) that the two companies plan to deepen their partnership by expanding the integration of Luminar’s technology on the Polestar 5. Shares of LAZR are up 5.53% on the news.

“Luminar is at the forefront of lidar technology development and this closer collaboration will allow for greater innovation in our cars to come. We look forward to combining our R&D and product design expertise to deliver truly stunning lidar integration and capabilities for the Polestar brand,” comments Polestar CEO, Thomas Ingenlath.

Coinciding with the announcement, sales of Polestar 3 with lidar have been brought forward so that customers in initial markets can now place orders for Polestar 3 with lidar, with deliveries expected in 2024

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“As we successfully execute together, Polestar’s conviction in Luminar and the value of our technology has continued to accelerate. With this new expanded partnership and our shared pioneering spirit, we will push the boundaries of automotive technology and design into new territories for the next generations,” said Austin Russell, Founder and CEO, Luminar.

First deliveries of Polestar 3 with lidar are expected in late 2024. Deliveries of orders for Polestar 3 without lidar, which opened on the day of the world premiere, 12 October 2022, are expected from Q4 2023. There is no change to the existing expected delivery timing on Polestar 3 overall, or the series production timing of Luminar’s lidar independent of Polestar.

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