Luminar crashes to all-time low as Volvo cancels lidar deal
Luminar stock hit an all-time low after Volvo canceled a five-year lidar supply deal, worsening a mounting crisis at the sensor maker. Luminar has defaulted on loans, cut 25% of staff and faces SEC and internal ethics probes. The company also halted spending on Volvo-related sensors, triggering a manufacturing dispute. Shares fell 4.6% to $0.87 before a small after-hours rebound.