Fiat Chrysler Automobiles N.V. FCAU is tying up with self-driving technology company, Aurora Innovation, to develop and deploy autonomous vehicle platforms, per Bloomberg. The company took this decision to catch up to other automakers that invested heavily in self-driving technology.
The partnership will help to integrate Fiat Chrysler’s commercial vehicle lines in the United States with Aurora’s self-driving platform. This partnership is likely to give Fiat Chrysler the access to several commercialization opportunities, including ride sharing to driverless delivery trucks.
The Silicon Valley-based startup Aurora’s three co-founders are among the leaders who pushed to make self-driving cars a reality. Aurora raised a huge sum of money from the market.
Further, Fiat Chrysler has inked a deal to supply Waymo, the self-driving unit of Alphabet Inc, with more than 62,000 Chrysler Pacifica plug-in hybrid minivans to create autonomous vehicles.
In the past three months, shares of Fiat Chrysler have underperformed the industry it belongs to. Over this time frame, the stock has lost 7.3% while the industry declined 2.3%.
Fiat Chrysler currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the auto space are Ford Motor Company F, Fox Factory Holding Corp. FOXF and Cummins Inc. CMI, each currently carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ford has an expected long-term growth rate of 7.3%. Over the past six months, shares of the company have gained 13.6%.
Fox Factory has an expected long-term growth rate of 16.4%. Over the past six months, shares of the company have gained 11.1%.
Cummins has an expected long-term growth rate of 8%. Over the past six months, shares of the company have gained 3%.
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