Tesla Motors, Inc. (NASDAQ:TSLA) will introduce some automated driving features in its cars if media reports are to be believed. The company is scheduled to make an announcement on Oct 9, with the promise to “unveil the D and something else.”
Last week, the company had also circulated a picture of a half-opened garage door marked with the letter D that had a dimly lit vehicle inside. This led to speculation that Tesla will announce a new car as well as additional driving-assist features for its current cars.
According to Bloomberg, the company will announce several new features to make driving easier, one of which is the ability to keep the car within its lane. Such automated driving features are becoming popular among automakers as they strive to increase their share in the competitive auto market. Honda Motor Co., Ltd. (NYSE:HMC) recently introduced a technology in its new CR-V crossover that prevents the car from drifting from its lane. The feature is also available in many luxury cars.
Last month, Tesla started installing cameras in the Model S to meet European regulatory requirements. One of the cameras is placed behind the windshield to face the road ahead.
General Motors Company (NYSE:GM) also recently announced plans to integrate its Cadillac line of vehicles of model year 2017 with an advanced automated driver assist technology – Super Cruise. This will provide an enhanced driving experience with hands-off lane following, braking and speed control in certain highway driving conditions.
Currently, Tesla sports a Zacks Rank #3 (Hold). Fox Factory Holding Corp (NASDAQ:FOXF), carrying a Zacks Rank #2 (Buy), is another auto stock that is performing well and is worth considering.