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Navistar International Corporation NAV announced that it reached a partnership with TuSimple. The companies aim to develop SAE Level 4 self-driving trucks, whose production is targeted to start in 2024. Additionally, Navistar took a minority stake in TuSimple. The partnership further strengthens the two-year relationship of the firms.
The partnership places Navistar at the forefront of customer innovations by leveraging the combined experience to integrate its vehicle design and system integration abilities with innovative autonomous technology of TuSimple. Notably, the partnership will offer a completely integrated engineering solution that is designed for mass-production, using the manufacturing capabilities of Navistar.
In the future, customers in the U.K., Canada and Mexico will be able to buy the completely autonomous trucks via Navistar 's conventional distribution network.
TuSimple is a global self-driving technology company, which was founded in 2015. The company received multiple rounds of financing worth roughly $298 million. Presently, it operates a fleet of 40 self-driving trucks in the United States. Notably, the company intends to showcase fully driverless operations in 2021.
Shares of Navistar have appreciated 3.7% year to date compared with the industry’s decline of 9.8%.
The company reported second-quarter fiscal 2020 loss of 10 cents per share, narrower than the Zacks Consensus Estimate of a loss of 72 cents. Notably, the truck manufacturer generated $1,925 million in revenues, which surpassed the Zacks Consensus Estimate of $1,746 million.
On its second-quarter earnings call, Navistar stated that it scrapped the fiscal 2020 guidance as it expects the pandemic’s impacts to strain its operations in the upcoming period.
Zacks Rank & Stocks to Consider
The company currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks are Niu Technologies NIU, LCI Industries LCII and Brilliance China Automotive Holdings Ltd. Unsponsored ADR BCAUY, each carrying a Zack Rank of 2 (Buy) at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
Shares of Niu have surged 124% year to date as against the industry’s decline of 9.8%.
Shares of LCI Industries have depreciated 41.7% year to date compared with the industry’s decline of 6.8%.
Shares of Brilliance have rallied 0.9% year to date as against the industry’s decline of 9.8%.
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Navistar International Corporation (NAV) : Free Stock Analysis Report
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