Luminar stock rallies more than 20% after Mercedes-Benz deal

Shares of Luminar Technologies Inc.
LAZR,
+30.46%
skyrocketed more than 20% Wednesday after the lidar company said it expanded its deal with Mercedes-Benz AG
MBG,
-0.82%
for “next-generation” vehicle lines. “This multi-billion dollar deal is a milestone moment for the two companies and the industry and is poised to substantially enhance the technical capabilities and safety of conditionally automated driving systems,” Luminar said, without disclosing specific amounts. Shares of Luminar have lost about 49% in the last 12 months, compared with a loss of around 7% for the S&P 500 index
SPX,
+0.12%
in the same period.