Luminar Technologies Inc. shares received a boost late Monday after the autonomous-driving component maker said it was partnering with Taiwan-based TPK Holding Co. to build out its manufacturing capacity in Asia to better serve the growing Chinese market.
Late Monday, Luminar announced at the Shanghai International Automobile Industry Exhibition that it had cut the deal with the Taipei, Taiwan-headquartered TPK 3673,
TPK, most often associated as a major supplier to Apple Inc. AAPL,
In a statement, Luminar said “roughly half of the 20 million vehicles sold in China last year were from foreign-branded automakers, many of which are Luminar partners.”
Also, the company noted that of the “more than 20 production vehicle models Luminar is designed into, the majority are also slated for the China market.”
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As an example, the company pointed to the Volvo’s VOLV.B,
Last week, Orlando-based Luminar announced it was also building out a “highly automated, high volume” manufacturing plant in Monterrey, Mexico, with its first Iris sensors already being shipped out to its “lead global high-volume series production customer” to prep for production by the end of the year.