Why Luminar Technologies Stock is Down Sharply Today
Shares of newly public lidar-sensor maker Luminar Technologies (NASDAQ: LAZR) fell sharply on Tuesday afternoon after Reuters reported that one of its key clients may choose to build its own lidar units instead of buying Luminar's.
The company had been trading higher earlier in the day, but as of 3 p.m. EST, Luminar shares were down by about 14% from Monday's closing price.
Reuters reported that the CEO of Intel (NASDAQ: INTC) subsidiary Mobileye, which is developing a new self-driving car system that it expects to launch in 2025, said that the company is considering developing its own lidar sensor in-house.
Source Fool.com
