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Tech Bigwigs to Watch Amid Rising Autonomous Driving Wave

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Driverless vehicles are constantly gaining strong traction in the data-driven world on the heels of AI-powered autonomous driving technology and continuous developments in the advanced driver-assistance system.

Moreover, advancements in predictive algorithms are making self-driving vehicles more reliable for public transportation as well as widely accepted by the public by adding strong safety features.

Notably, tech bigwigs such as Alphabet GOOGL, Amazon AMZN, Intel INTC, Apple AAPL and Baidu BIDU are leaving no stone unturned to expand their footprint in the autonomous vehicle market, which is currently growing at an exponential rate.

According to a report from Grand View Research, the global market for self-driving vehicles is expected to witness a CAGR of 63.1% between 2021 and 2030.

Further, a Precedence Research report indicates that the market is anticipated to see a CAGR of 63.5% between 2020 and 2027.

Additionally, a report from Research and Markets states that sales of autonomous vehicles across the globe are expected to witness a CAGR of 40.3% between 2020 and 2030, and hit $58-million units by 2030.

Let’s delve deeper into the strong efforts being made by the following companies in order to capitalize on the immense growth potential in the autonomous driving space.

Alphabet’s Aggressive Stance

Alphabet’s aggressive efforts to expand its self-driving arm, Waymo, which has been a frontrunner when it comes to autonomous driving,are expected to help it stay ahead of its peers.

In a bid to bolster the self-driving efforts, Waymo is currently in talks with outside investors forraising as much as $4 billion in additional capital.

Notably, the Zacks Rank #2 (Buy) company is hugely gaining from the robust Waymo Driver, its autonomous driving technology, which is constantly gaining traction.You can see the complete list of today’s Zacks #1 Rank (Strong Buy )stocks here.

Further, Waymo’s partnership with Transportation Research Center—the provider of independent vehicle test facilities and proving grounds— remains noteworthy. On the back of this deal, the company intends to build an advanced testing environment for Waymo Driver in East Liberty, OH. Apart from this, it is gearing up to open its research and development facility for trucking in Menlo Park, CA.

With the developments, the company plans to incorporate Waymo Driver successfully not only into cars like Jaguar I-PACE but also Class 8 trucks. This, in turn, is likely to bolster Waymo’s growing initiatives for the autonomous truck fleet.

Apart from this, growing momentum across Waymo’s robo-taxi ride-hailing service remains a major positive. Furthermore, its partnership with Volvo to develop self-driving electric vehicles for ride-hailing services remains noteworthy.

Additionally, the company’s acquisition of Latent Logic— an AI company that specializes in a form of Machine Learning (ML), namely imitation learning—is anotherpositive.

Alphabet Inc. Price and Consensus

Alphabet Inc. Price and Consensus
Alphabet Inc. Price and Consensus

Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote

Initiatives of Apple & Amazon

Apple is planning to produce self-driving car technology and introduce autonomous vehicles, which could include its breakthrough battery technology by 2024.

Further, the Zacks Rank #2 company’s collaboration with Taiwan Semiconductor Manufacturing Company to develop self-driving chips remains noteworthy.

Furthermore, Apple’s acquisition of a self-driving shuttle firm, Drive.ai, remains a major step toward bolstering its expertise in neural networks, which plays an important role in developing software for driverless vehicles.

Apple Inc. Price and Consensus

Apple Inc. Price and Consensus
Apple Inc. Price and Consensus

Apple Inc. price-consensus-chart | Apple Inc. Quote


Meanwhile, Amazon’s buyout of Zoox, a developer of autonomous ride-hailing vehicles, remains a major positive. Further, the company’s launch of its first self-driving robotaxi strengthened its position in the autonomous driving space.

Notably, the robotaxi does not have any steering wheel, implying that there is no driver seat. It has space for up to four passengers and can travel up to 75 miles per hour.

We note that all the endeavors alongwith strengthening the AI and ML skills of Amazon, which currently carries a Zacks Rank #3 (Hold), will help it in gaining momentum in the promising self-driving vehicle market.

Amazon.com, Inc. Price and Consensus

Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. Price and Consensus

Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote

Efforts by Intel & Baidu

Intel, which carries a Zacks Rank #3 at present, is gaining strength from the low power consumption of Mobileye chips.

Further, Mobileye, which is the company’s self-driving arm, recently announced that its self-driving system known as Mobileye Drive will power Udelv’s next-generation of electric autonomous delivery vehicles.

Further, the company intends to introduce an autonomous ride-hailing service in Israel in early 2022. Further, it is planning to implement autonomous shuttles in partnership with Transdev ATS and Lohr Group in Europe.

Additionally, the company’s acquisition of Moovit to supplement Mobileye’s mobility-as-a-service solutions remains noteworthy.

Intel Corporation Price and Consensus

Intel Corporation Price and Consensus
Intel Corporation Price and Consensus

Intel Corporation price-consensus-chart | Intel Corporation Quote


Meanwhile, Baidu is benefiting from the expansion of Apollo Go Robotaxi service, which covers about 700 kilometers across China and features about 100 pick-up and drop-off stations across several residential as well as business areas.

Notably, Apollo Robotaxis can perform all important functions, including assessing traffic conditions, changing lanes when required and employing automatic avoidance to encounter aggressive overtaking by other vehicles.

Apart from these, this Zacks Rank #3 company’s partnership with Volvo to launch Level 4 vehicles in 2021 remains a major positive.

Baidu, Inc. Price and Consensus

Baidu, Inc. Price and Consensus
Baidu, Inc. Price and Consensus

Baidu, Inc. price-consensus-chart | Baidu, Inc. Quote

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