Ford Motor Company (NYSE:F) has selected Austin, TX, as the third city to test and deploy self-driving vehicles. It plans to launch automated commercial vehicles in 2021. Initially, Ford and its autonomous vehicle subsidiary Agro AI will start mapping the streets of downtown Austin. Later, it will carry out data validation and on-road testing.
There are two primary reasons why Austin was selected. The first being the city’s willingness to work with Ford and second, the rising population of the city which is making it congested. Crowded streets will help the company address issues and understand the obstacles in the city.
Ford and Agro AI formerly declared Miami and Washington DC as the other launch markets.
At first, the self-driving vehicles will have “test specialists” who will drive the vehicle. After the vehicles map the city and gather all data, they will operate autonomously.
The company plans to introduce a model for autonomous driving without pedals or steering wheels that are intended for use in commercial fleet.
Ford’s strategy to launch self-driving vehicles in multiple cities is different from that of General Motors (NYSE:GM) Cruise and Alphabet Inc. (NASDAQ:GOOGL) Waymo. Cruise and Waymo are focusing on a single city before they venture out.
Ford is actively working to introduce newer models of autonomous vehicles. These initiatives are likely to enhance the prospects of this Zacks Rank #2 (Buy) firm. Few months back, Ford announced a partnership with Volkswagen (DE:VOWG_p) AG (OTC:VWAGY) under which the latter will invest $2.6 billion in the U.S. auto giant’s autonomous-car partner. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Breakout Biotech Stocks with Triple-Digit Profit Potential
The biotech sector is projected to surge beyond $775 billion by 2024 as scientists develop treatments for thousands of diseases. They’re also finding ways to edit the human genome to literally erase our vulnerability to these diseases.
Zacks has just released Century of Biology: 7 Biotech Stocks to Buy Right Now to help investors profit from 7 stocks poised for outperformance. Our recent biotech recommendations have produced gains of +98%, +119% and +164% in as little as 1 month. The stocks in this report could perform even better.
See these 7 breakthrough stocks now>>
Alphabet Inc. (GOOGL): Free Stock Analysis Report
Ford Motor Company (F): Free Stock Analysis Report
General Motors Company (GM): Free Stock Analysis Report
Volkswagen AG (VWAGY): Free Stock Analysis Report
Original post
Zacks Investment Research