Aptiv (APTV) Opens Self-Driving Technical Center In Las Vegas

In a bid to strengthen the autonomous mobility business, Aptiv PLC (NYSE:APTV) has opened a technical center in Las Vegas, yesterday.

The 130,000 square-foot facility is for vehicle operations, research and development, data management and technology demonstration. It is an addition to the autonomous vehicle hubs already existing in Boston, Singapore and Pittsburgh.

The new technical center showcases Aptiv’s expansion endeavors in autonomous vehicle (AV) activities, which contributes a significant portion to revenues. In line with this, Karl Iagnemma, president of autonomous mobility, Aptiv, stated, "The investment in our Las Vegas Technical Center gives us the ability to further advance the efficiency of our operations, gather key commercial AV learnings, and enhance safety operator training."

Aptiv’s autonomous vehicles serve more than 1600 destinations in Las Vegas and across Clark County. In 2018, Aptiv and Lyft extended their collaboration and introduced a fleet of 30 automated vehicles powered by the former’s self-driving technology, making Las Vegas the host of the company's largest self-driving fleet.

We observe that shares of the company have declined 24.7% in a year’s time compared with the industry’s fall of 11.3%.

Our Take

We believe that the new technical center will strengthen the Advanced Safety and User Experience segment that offers autonomous driving software and technologies. Performance in the segment was particularly strong in the last reported quarter with revenues of $956 million, which improved 13% on a year-over-year basis.

Zacks Rank & Stocks to Consider

Currently, Aptiv carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

A few better-ranked stocks in the Zacks Business Services sector are Blucora, Inc. (NASDAQ:BCOR) , Navigant Consulting, Inc. (NYSE:NCI) and Robert Half International Inc. (NYSE:RHI) , each carrying a Zacks Rank #2 (Buy).

The long-term expected EPS (three to five years) growth rate for Blucora, Navigant Consulting and Robert Half is 17.5%, 13.5%, and 13.3%, respectively.

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