AEye (NASDAQ: LIDR) stock more than doubled in intraday trading Friday following news of a strategic partnership with LITEON.
AEye (LIDR) recently unveiled a strategic collaboration with LITEON Technology Corporation to propel lidar technology forward for Automotive Advanced Driver Assistance Systems (ADAS). This collaboration underscores a shared commitment to enhancing automotive safety through AEye’s adaptive lidar solutions integration into safety-focused automotive applications.
Under the non-binding Letter of Intent (LOI), AEye and LITEON will collaborate to integrate AEye’s 4Sight-based lidar products into automotive original equipment manufacturers (OEMs), leveraging LITEON’s extensive industrialization capabilities and decades of experience in the automotive electronics market.
Matt Fisch, CEO of AEye, expressed confidence in the partnership, highlighting LITEON’s innovative ethos and industrialization prowess as critical elements that will enable AEye to deliver competitive long-range lidar solutions.
With over forty years of experience in the automotive electronics industry, LITEON brings a wealth of knowledge and resources to the partnership. The company’s global presence and established relationships with top Tier 1 suppliers and OEMs in Europe and North America position it as a valuable collaborator for AEye in the automotive sector.
The partnership aims to capitalize on AEye’s software-defined lidar solution, an integral part of its 4Sight Intelligent Sensing Platform. This platform is developed with a focus on safety and performance, catering specifically to dynamic applications like autonomous vehicles and smart infrastructure.
While the announcement signals a significant step forward for both companies in the automotive lidar market, it’s important to note that the LOI is non-binding and subject to change. Neither company has disclosed specific partnership financial terms or timelines as of press time.
AEye (NASDAQ: LIDR) Stock Price Action
LIDR stock soared 115% to close at $2.58 on Friday. Its value increased by 126.32% this week. Trading activity has witnessed 158,987,968 (158.98 million) shares changing hands, well above the average daily volume of 2.85 million.
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