Polestar Automotive Holdings (NASDAQ:PSNY) and Luminar Technologies (NASDAQ:LAZR) announced on Thursday plans to deepen their partnership by expanding the integration of Luminar’s technology on the Polestar 5.
The expanded partnership is expected to provide a foundation to further collaborate on lidar integration and design on Polestar’s future vehicles.
The partnership will see both the Polestar 3 and Polestar 5 be integrated Luminar's long-range Iris lidar and software into the roofline. 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.
"Luminar is at the forefront of lidar technology development and this closer collaboration will allow for greater innovation in our cars to come," noted Polestar CEO Thomas Ingenlath.
Shares of PSNY rose 2.45% in premarket trading, while LAZR was up 3.50%.