What happened Shares of Luminar Technologies (NASDAQ: LAZR) climbed more than 10% on Monday after the automotive technology company announced a new partnership that could dramatically expand its end-market opportunity. So what Luminar is best known as a supplier to automakers. The company specializes in lidar systems. Lidar is short for light detection and ranging tools, which are used to help autonomous vehicles measure distance and better navigate the world around them. Image source: Getty Images. That is a crowded marketplace, but Luminar on Monday announced a partnership with Airbus (OTC: EADSY) to explore ways to use lidar in aviation. The two companies will work together to explore how to develop sensors and technologies toward the eventual goal of autonomous flight. "As the world's largest aircraft manufacturer, Airbus has a long history of actively setting a new bar for the future of the aerospace industry," Luminar CEO Austin Russell said in a statement. "We're able to directly reapply what we've accomplished for the automotive industry into aviation, an established nearly $1 trillion industry." Now what That $1 trillion total addressable market is mouth-watering, but investors should temper their enthusiasm. The Luminar partnership is with an Airbus unit set up to test a variety of new technologies, and we won't be seeing autonomous planes rolling off the assembly line any time soon. There is certainly a constant need for aerospace to continue to focus on new safety tools, including advances like lidar that can help with obstacle detection on the ground and in the air. Smaller planes and helicopters in particular could potentially benefit from onboard lidar systems. There's a lot of potential here. Just be warned that "potential" won't materialize overnight. 10 stocks we like better than Luminar Technologies, Inc.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and Luminar Technologies, Inc. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Lou Whiteman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.Source