Are These The Best Autonomous Vehicle Stocks To Buy Right Now?
Despite the ongoing volatility in the stock market, some investors may still be keen on industries that could potentially redefine the future. Consequently, autonomous vehicle (AV) stocks would fit the bill. There is now an increasing emphasis on assisted driving capability as the automotive industry continues to evolve. For instance, JIDU, an intelligent electric vehicle company backed by Baidu (NASDAQ: BIDU) and automaker Geely recently unveiled its first concept production robocar ROBO-01. The companies claim that the concept car will be 90% similar to what customers will get next year for a mere $30,000.
Elsewhere, General Motors (NYSE: GM) Cruise announced that it has acquired the final permit required for its robo taxi services in San Francisco. This is the first-ever Driverless Deployment Permit granted by the California Public Utilities Commission. In fact, the company will be the first to operate a commercial, driverless ride-hail service in a major U.S. city. Well, it appears that autonomous vehicles could well be a part of our lives sooner than we think. With that being said, here are some of the top AV stocks to watch in the stock market today.
Autonomous Vehicle Stocks To Watch This Week
- Alphabet Inc (NASDAQ: GOOGL)
- Amazon.com, Inc (NASDAQ: AMZN)
- Volkswagen AG (OTCMKTS: VWAGY)
- Luminar Technologies Inc (NASDAQ: LAZR)
Alphabet
First up, we have the tech giant Alphabet. The company is notable for its Google Services segment which includes products and services such as Android, Chrome, Google Maps, Google Play, and Youtube. However, it is noteworthy that Alphabet has a sizable investment in the field of autonomous driving through Waymo. Waymo’s mission is to make it safe and easy for people and things to get where they’re going.
Last week, Waymo announced a partnership with Uber (NYSE: UBER) Freight. As shipping demand continues to rise and a shortage of drivers remains a problem, this brings a new need to the logistics industry. Therefore, the collaboration aims to bring together the power of the Waymo Driver with the scale of Uber Freight’s marketplace technology. Under the terms of the agreement, the Waymo Via autonomous solution will be connected directly with the Uber Freight platform for shippers to tap into. The first wave will begin with trucks in Waymo Via’s test fleet. After that, carriers that purchase trucks equipped with Waymo Driver will be able to opt-in to Uber Freight. Ultimately, this will enable safe and scalable implementation of the Waymo Driver on the roads in the U.S. Given such an exciting development, could GOOGL stock be a top autonomous stock to watch?
Amazon
Amazon is a company that provides a range of products and services to its customers. Many would know the company for its e-commerce arm and its cloud computing arm. What most may not be aware of is Amazon’s involvement in the AV industry. In 2020, the company joined forces with Zoox, an autonomous vehicle company that targets the robo-taxi market. Its goal is to make personal transportation safer, cleaner, and more enjoyable for everyone. Zoox aims to handle the driving, charging, maintenance, and upgrade for its fleet of vehicles. For riders, you simply have to pay for the service.
In May, Zoox unveiled a close-up of its commercial electric robo-taxi at the TechCrunch Mobility 2022 conference. The vehicle looks like a cube with large sliding doors, floor-to-ceiling windows, and has beam-forming speakers to direct audio alerts to distracted pedestrians. Besides that, the design features a sensor pod on each corner of the robo-taxi which allows it to see in all directions. That said, the company refuses to give a time frame but claims that it is “really close.” With that in mind, would this be a reason to invest in AMZN stock today?
Volkswagen
Another rising name in the AV industry today is Volkswagen. For those unaware, this is a Germany-based automotive company that manufactures and sells vehicles. Its brand portfolio includes Audi, SKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, and of course, Volkswagen. The company’s Cariad is responsible for developing automotive software as the group further expands into the AV space. Last month, Argo AI, an AV technology company backed by Volkswagen and Ford (NYSE: F) launched its driverless testing operations in Miami and Austin. This marks an important milestone for the startup as it progresses toward commercialization.
On top of that, Volkswagen also announced that it will source chips from Qualcomm (NASDAQ: QCOM) to develop autonomous driving software. In detail, Qualcomm will supply system-on-chips for Cariad’s platform that aims to enable Level 4 automated driving standards. This means the car can handle all aspects of driving in most circumstances without the need for human intervention. By 2025, all Group vehicles with the unified Cariad Software will leverage chips of Qualcomm’s Snapdragon ride. Considering the company’s progress within the AV space, would you bank on the future of VWAGY stock?
[Read More] Top Stock Market News For Today June 13, 2022
Luminar
Last but not least, let us look at the global automotive technology company, Luminar. Its Autonomy Solutions segment engages in the design, manufacturing, and selling of lidar sensors and related perception and autonomy-enabling software solutions. The segment primarily caters to the original equipment manufacturers in the commercial vehicle, robo-taxi, and adjacent industries. According to its first-quarter financial update, the company said that it is on track to meet or beat its $40 million full-year 2022 revenue guidance.
Prospective investors should also note that Luminar announced a partnership with Chinese automotive technology company ECARX in May. Both companies are teaming up to improve on automotive grade technologies with the intent to enable advanced safety and AV capabilities in the production of consumer vehicles and trucks. Naturally, the partnership will strengthen Luminar’s presence in China, the world’s largest automotive market. With that being said, Luminar appears to be well-positioned to capitalize on any emerging trends within the industry. With the stock down by over 50% this year, would you be watching LAZR stock for a turnaround?
If you enjoyed this article and you’re interested in learning how to trade so you can have the best chance to profit consistently then you need to checkout this YouTube channel. CLICK HERE RIGHT NOW!!
