Luminar Technologies, Inc. (NASDAQ:LAZR) made an announcement, according to which it will partner with Mercedes-Benz to develop “future highly automated driving technologies”.

While Luminar classified the announcement as a “major commercial win” and a “landmark moment in the industry”, analysts at Berenberg Bank believe that this is most likely not a high-volume production win that will see Luminar sensors go into Mercedes-Benz cars in the near future.

The analysts think that Luminar needs to announce high-volume series production awards with a firm timeline and tangible volume/revenue expectations in order to justify upside. This announcement, while being viewed as positive, doesn’t give the brokerage details that would inform a meaningful change to estimates. The company’s shares were trading around 10% lower Monday afternoon.