Lidar stocks soar after report that Apple is working on a car for 2024

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Velodyne and Luminar shares both rose more than 20% on Monday.\n

's Cruise make heavy use of lidar in their self-driving systems. Apple has decided to use outside partners for parts of its self-driving system, including lidar sensors, according to the report.

However, the report does not name any prospective lidar suppliers to Apple, and also also notes that Apple could instead decide to use lidar sensors that it designed. Newer iPhones and iPads come with an Apple-designed lidar sensor in their camera modules, although this sensor would likely have to be modified for use on a vehicle.Apple has tested self-driving cars in California with a safety driver behind the wheel who can take over.

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