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Why Interprivate Acquisition Stock Jumped Today

By Howard Smith - Feb 9, 2021 at 4:30PM

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The SPAC has plans to merge with Lidar sensor maker Aeva.

What happened

Investors have shown accelerated interest in lidar sensor maker Aeva recently, driving up the stock of the special purpose acquisition company (SPAC) with which it will be merging. Shares of InterPrivate Acquisition (IPV) have surged more than 30% in the last two weeks, including a gain of 6.4% on Tuesday. Shares had jumped more than 18% earlier in the market session today. 

So what

Today's jump comes after the Aeva CEO appeared on CNBC's Mad Money with Jim Cramer last night. On the program, Aeva CEO Soroush Salehian said the company's 4D lidar technology -- which will be used to help advance autonomous vehicles -- will be in production by 2024. The company is backed by automaker, and Volkswagen (VWAGY -0.75%) parent, Porsche SE. 

Car with Aeva lidar sensor

Aeva lidar sensor on car. Image source: Aeva.

Now what

In the appearance on Mad Money, CEO Salehian touted the advancement of lidar sensor technologies from 3D to the 4D offering that Aeva developed. Aeva says its 4D lidar chips benefits include "instant velocity, long range, low power consumption," and scale for mass production applications. 

Investors have taken renewed notice of autonomous vehicle applications recently, with rumors of the potential for Apple (AAPL -1.07%) to enter the space. Whether or not those reported plans come to fruition, investors are taking notice of Aeva, and an investment in the InterPrivate SPAC is currently the path to that ownership. 

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Stocks Mentioned

InterPrivate Acquisition Corp. Stock Quote
InterPrivate Acquisition Corp.
IPV
Apple Inc. Stock Quote
Apple Inc.
AAPL
$145.54 (-1.07%) $-1.57
Volkswagen Aktiengesellschaft Stock Quote
Volkswagen Aktiengesellschaft
VWAGY
$19.89 (-0.75%) $0.15

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