Shares of electric car company
Tesla (NASDAQ:TSLA) surged higher on Monday. Shares were up about 5.7% as of 3:30 p.m. EDT.
The growth stock s gain was fueled both by a bullish day in the stock market and news that Tesla has reportedly entered into an agreement with
Luminar Technologies (NASDAQ:LAZR) for testing and development of Luminar s laser-sensor technology.
Image source: Getty Images.
Highlighting why the overall market likely helped Tesla stock s gain on Monday, the
Nasdaq Composite was up more than 1.6% as of this writing and many growth stocks like Tesla were up several percentage points or more.
The electric vehicle maker has a contract to use lidar sensors from Luminar Technologies for testing and development, Bloomberg reported. Lidar is a key technology for automakers as they race to make fully autonomous cars a reality.
Tesla bought lidar sensors from Luminar for testing, Bloomberg reported Monday.
Elon Musk has called lidar technology expensive, unnecessary, and a fool s errand.
Musk says he ll develop self-driving tech that relies mainly on cameras instead.
Tesla CEO Elon Musk has repeatedly derided the use of lidar sensors for autonomous vehicles. Now his carmaker is reportedly testing out the technology.
Tesla has inked a contract with Luminar Technologies, a leading lidar startup, for testing and development, Bloomberg News reported on Monday, citing unnamed sources familiar with the deal.
Shares of Luminar were up roughly 4% as of Monday afternoon. Tesla did not immediately return Insider s request for comment. A Luminar spokesperson declined to comment on the report.
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Two new SPAC ETFs launched on Wednesday that offer investors both long and short exposure to companies that have de-SPAC’d and completed mergers.
The New SPACs: The De-SPAC ETF (NYSE: DSPC) and
The Short De-SPAC ETF (NYSE: SOGU) are the first ETFs to offer pure-play exposure to a basket of de-SPAC’d stocks.
The ETFs offer a “totally and completely different” approach to SPAC investing, Tuttle Capital Management CEO and Chief Investment Officer Matthew Tuttle told Benzinga.
ETFs on the market that offer exposure to companies that have completed a SPAC merger come in baskets that include pre-merger companies as well, typically with a 60% weighting to this type of asset.