Self-Driving Perks Up With Alphabet's Move: What are Others Doing?

Autonomous driving technology is becoming more and more important in the fast-moving world with data, after driverless vehicles have been equipped with advanced artificial intelligence (AI) functions that make them more reliable for public transport.

In addition, continuous developments in the advanced driver assistance system (ADAS) and prediction algorithms contribute to the safety features of the vehicles. In particular, the rapid development of self-driving technology will revolutionize the growth course of both the transport and the automotive industry.

Given the optimistic scenario, Alphabet is togetL, known for its robust AI and machine learning ("ML") technologies, and which has become the most talked about autonomous vehicle ("AV") company because of its powerful self-driving unit —Waymo is making concerted efforts to further strengthen its presence in this promising market.

The recent restart of its robo-taxi hailship service with no human attendants in Phoenix, AZ is evidence of this. This move puts Alphabet well positioned to capitalize on the growth prospects in the AV space.

A report by Grand View Research shows that the global self-driving cars and trucks market is projected to have a CAGR of 63.1% between 2021 and 2030.

Furthermore, a market data forecast report shows that the self-driving car market is projected to reach $ 56.21 billion in 2020 and to reach $ 220.44 billion by 2025, which is an annual growth rate of 36.5% between 2020 and 2025 corresponds.

Not only the search giant, but also the e-commerce giant Amazon AMZN are attracted to the respective market. In particular, the latter agreed to take over Zoox, a developer of self-driving technologies.

In addition, chip manufacturers such as NVIDIA NVDA and Intel INTC are making strides to take advantage of the lucrative opportunities in the AV space.

To innovate simulation software, automotive sensors, cameras and LiDars to facilitate driverless transportation, NVIDIA is making good progress with its partnerships with automotive companies. Additionally, the launch of the software-defined platform for autonomous vehicles - Drive AGX Orin - remains noteworthy.

On the other hand, Intel is gaining a lot on its autonomous drive unit - Mobileye.

Aside from these companies, Apple AAPL, Qualcomm QCOM and Baidu BIDU are gathering steam to bolster their self-driving initiatives.

Therefore, competition in the AV market intensifies with the increasing efforts of the above companies.
Price development since the beginning of the year
Aggressive attitude of the alphabet
Even so, Alphabet's aggressive efforts to grow Waymo initiatives are expected to help keep Alphabet one step ahead.

Waymo's robo-taxi ride hail service, currently available to Waymo One members, is being made available through its smartphone app to anyone looking to take a ride within 50 square miles of Phoenix. In addition, the service will soon restart for trips within the 100 square mile area of ​​Phoenix.

Aside from the latest move, Waymo plans to start road testing its driverless fleet in a new hub in Dallas, TX.

Additionally, the company's acquisition of Latent Logic, an AI company that specializes in one form of ML, namely imitation learning, is still noteworthy. Waymo's simulation technology is expected to become more advanced and realistic. This in turn strengthens Waymo's behavioral prediction ability.

In addition, the partnership with Volvo to develop self-driving electric vehicles for hail services remains remarkable.

Waymo's recent $ 2.25 billion fundraising should help Alphabet, currently ranked 2 (Buy) in Zacks, commercialize self-driving vehicles, expanding the self-driving presence into new areas.

The full list of today's Zacks # 1 Rank (Strong Buy) stocks can be found here.
Intel & Baidu are working to fill the gap
Intel, which currently has a Zacks Rank 3 (Hold), wins strongly from the low power consumption of Mobileye chips and the ability to create maps for self-driving systems via its Road Experience Management platform.

Additionally, following its multi-million dollar partnership with the Al Habtoor Group, the company is collecting steam to hit the streets of Dubai until 2022. According to the terms of the contract, the Mobileye system will be used in a fleet of 1,000 automotive robot axes.

In addition, Mobileye's agreements in China and South Korea with SAIC and Daegu Metropolitan City, respectively, are a good sign that Intel is increasingly focusing on strengthening its global presence in the AV space.

In the meantime, Baidu is benefiting from the expansion of the Apollo Go Robotaxi service, which covers around 700 kilometers across China and has around 100 pick-up and drop-off stations in several residential and business areas.

In particular, this 3rd place from Zacks company recently launched the service in Beijing. In addition, the company recently made the service available in Changsha and Cangzhou cities.

Additionally, Baidu's partnership with Volvo to roll out Tier 4 vehicles in 2021 remains very important.
Apple & Qualcomm in Fray
Apple's acquisition of the self-driving shuttle company Drive.ai is in line with strong efforts to strengthen neural network expertise, which plays an important role in the development of software for driverless vehicles.

Additionally, Drive.ai's solid database of road conditions, signals, and traffic helps Zacks Rank # 3 innovate driverless vehicle software.

On the flip side, Qualcomm, another Zacks Rank # 3 company, rides on its automotive platform - Snapdragon Ride. In particular, the platform enables automakers to use AI to convert their vehicles into self-driving cars.

In addition, the increased partnerships with automotive companies such as General Motors, Audi, Ford and Ducati remain remarkable.
Just Released: The 7 Best Zacks Stocks For Today
Experts extracted 7 stocks from the list of 220 Zacks Rank # 1 Strong Buys that have outperformed the market more than twice, with an amazing average gain of + 24.3% per year.

These 7 were chosen for their superior potential for an immediate outbreak.

Check out these time sensitive tickers now >>

Would you like the latest recommendations from Zacks Investment Research? Today you can download 7 Best Stocks for the next 30 days. Click here to get this free report

NVIDIA Corporation (NVDA): Free Stock Analysis Report

Amazon.com, Inc. (AMZN): Free Stock Analysis Report

Intel Corporation (INTC): Free Stock Analysis Report

Apple Inc. (AAPL): Free Stock Analysis Report

Baidu, Inc. (BIDU): Free Stock Analysis Report

QUALCOMM Incorporated (QCOM): Free Stock Research Report

Alphabet Inc. (togetL): Free Stock Analysis Report

To read this article on Zacks.com, click here.

Zacks Investment Research

You should check here to buy the best price guaranteed products.

Last News

Dr. Mario World Is Being Pronounced Dead In November

Jordan Chiles thought the Team USA coach was joking when she was asked to replace Simone Biles in the team all-around

Katharine McPhee Says Son Rennie Is 'Much Bigger Baby Than His Peers': 'Ahead of the Curve'

Why Centralized Cryptocurrency Exchanges Are Seeing A Mass Exodus

Altaba, the Former Yahoo, Is Making a $3.9 Billion Distribution to Holders

This Is The Only Waldorf Salad Recipe You'll Need