11:23 AM EDT, 06/27/2024 (MT Newswires) -- Serve Robotics ( SERV ) and Ouster (OUST) were both advancing in recent Thursday trading after Serve said it is extending its autonomous delivery operations into the Koreatown neighborhood of Los Angeles and disclosed an expanded light detection and ranging, or lidar, supply agreement with Ouster.

Koreatown was selected for Serve's geographic expansion because of its strong commercial base and growing residential community, the company said.

Serve also said it is upgrading its delivery robots with Ouster's new REV7 lidar sensors that will help the robots safely travel delivery routes among pedestrians and other sidewalk users, the company said. Financial details of the expanded supply agreement weren't disclosed.

Serve said it expanded the supply agreement to equip 2,000 robots with upgraded lidar hardware, in line with its plan to deploy the same number of robots in 2025.

Shares of Serve were up 1.1%, while Ouster rose 4.2% in recent trading.

Price: 1.84, Change: +0.02, Percent Change: +1.10