Luminar Technologies, Inc. LAZR Shares are trading higher on Wednesday afternoon after the company and Mercedes-Benz announced an expansion of theirs existing partnership.

What you should know: Luminar Technologies announced the expansion of the partnership with the popular car manufacturer, Mercedes Benz. Mercedes-Benz plans to integrate the next generation of Luminar’s Iris lidar and associated software into its wide range of vehicle lines by mid-decade.

The two companies believe that the performance of the next-generation Iris fits will be able to meet the needs of its new conditionally automated driving system, designed for higher speeds on highways and improved driver support in urban environments. The multi-billion dollar deal has been described as a “landmark moment” for the conditionally automated driving industry.

“Mercedes’ standards for vehicle safety and performance are among the highest in the industry, and their decision to double down on Luminar reinforces that commitment,” the company said austin russell, Founder and CEO of Luminar.

Luminar is a global automotive technology company pioneering a new era in vehicle safety and autonomy. Over the past decade, Luminar has built an advanced hardware and software platform to support its 50+ industry partners, including the majority of global automotive OEMs.

According to data from Gasoline Pro, Luminar Technologies shares are up 30.9% to trade at $7.53 at the time of publication. The stock has a 52-week high of $16.62 and a 52-week low of $3.91.

Photo: courtesy of Luminar.