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Alphabet (GOOGL) Boosts Android Auto With New Features for EVs
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Alphabet’s (GOOGL - Free Report) Google continues to make strong efforts to bolster its presence in the automobile sector on the back of its advanced technologies.
This is evident from the addition of new features to its Android Auto mobile application.
Reportedly, one of the new features helps customers identify a car as an electric vehicle (EV). The feature can be accessed from a new section called “EV Settings” in the app. The feature also lets users toggle on EV features within Google Maps in Android Auto.
Another new feature helps users identify and select the charging connector their vehicles are using. Currently, some of the connectors that are listed on the app are J1772, CCS (Combo 1 and 2), Type 2 and CHAdeMO.
Also, the company included strings associated with battery meters, which may show charge levels directly through Android Auto.
Notably, the latest move will likely aid Google in gaining traction among EV car makers.
Notably, the addition of the abovementioned features is in sync with the company’s growing efforts toward expanding its offerings for EVs.
Apart from Android Auto features, Google recently rolled out new features for EVs with Google Maps built in.
These features enable Maps to help drivers find nearby charging stations equipped with chargers of 150 kilowatts or higher for a faster charge. Further, by putting ‘supermarket’ in the search bar, Maps built-in EVs will show the supermarkets that have charging stations on-site.
We believe Google remains well-poised to capitalize on the growth prospects present in the booming EV market on the back of its robust offerings for EVs.
Per a MarketsandMarkets report, the global EV market is expected to reach 39,208 thousand units by 2030, seeing a CAGR of 21.7% between 2022 and 2030.
A Precedence Research report indicates that the size of this particular market is likely to hit $1.7 trillion by 2032, registering a CAGR of 23.1% between 2023 and 2032.
Per a Statista report, revenues in the EV market are likely to hit $561.3 billion in 2023 and reach $906.7 billion by 2028, witnessing a CAGR of 10.1% throughout 2023-2028.
We note that the growing prospects of Alphabet in this booming market are likely to instill investor optimism in the stock.
Notably, GOOGL has gained 38% on a year-to-date basis, outperforming the industry’s growth of 36.2%.
Growing Auto Deals
The latest move has added strength to the overall auto offerings of Google. Its growing auto solutions portfolio is likely to sustain momentum among automakers.
Notably, Porsche is in talks with Google to integrate the latter’s software into the car cockpit. The deal will boost the adoption rate of Google Automotive Services.
Further, it would give Porsche’s customers access to Google apps like Google Maps and Google Assistant. Car owners won’t be required to connect their vehicles to their Android phones.
This apart, Google’s remarkable deals with well-recognized carmakers remain positive.
General Motors and Ford (F - Free Report) have incorporated Google software into their vehicles’ infotainment systems through Google Automotive Services. Ford is also set to roll out several cars with infotainment systems powered by Android this year.
Further, Volvo has integrated Google infotainment systems into its vehicles. Its cross-country models like the XC60, S90, V90 and V90 feature built-in Android-powered infotainment systems.
We believe all these endeavors are likely to continue aiding the overall performance of Alphabet in the days ahead.
The Zacks Consensus Estimate for 2023 revenues is pegged at $248.34 billion, reflecting growth of 6.2% from 2022.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Palo Alto Networks (PANW - Free Report) and Akamai Technologies (AKAM - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).
Palo Alto Networks shares have increased 82.5% in the year-to-date period. The long-term earnings growth rate for PANW is currently projected at 31.5%.
Akamai Technologies shares have increased 8.3% in the year-to-date period. The long-term earnings growth rate for AKAM is currently projected at 10%.
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Alphabet (GOOGL) Boosts Android Auto With New Features for EVs
Alphabet’s (GOOGL - Free Report) Google continues to make strong efforts to bolster its presence in the automobile sector on the back of its advanced technologies.
This is evident from the addition of new features to its Android Auto mobile application.
Reportedly, one of the new features helps customers identify a car as an electric vehicle (EV). The feature can be accessed from a new section called “EV Settings” in the app. The feature also lets users toggle on EV features within Google Maps in Android Auto.
Another new feature helps users identify and select the charging connector their vehicles are using. Currently, some of the connectors that are listed on the app are J1772, CCS (Combo 1 and 2), Type 2 and CHAdeMO.
Also, the company included strings associated with battery meters, which may show charge levels directly through Android Auto.
Notably, the latest move will likely aid Google in gaining traction among EV car makers.
Alphabet Inc. Price and Consensus
Alphabet Inc. price-consensus-chart | Alphabet Inc. Quote
EVs Hold Promise
Notably, the addition of the abovementioned features is in sync with the company’s growing efforts toward expanding its offerings for EVs.
Apart from Android Auto features, Google recently rolled out new features for EVs with Google Maps built in.
These features enable Maps to help drivers find nearby charging stations equipped with chargers of 150 kilowatts or higher for a faster charge. Further, by putting ‘supermarket’ in the search bar, Maps built-in EVs will show the supermarkets that have charging stations on-site.
We believe Google remains well-poised to capitalize on the growth prospects present in the booming EV market on the back of its robust offerings for EVs.
Per a MarketsandMarkets report, the global EV market is expected to reach 39,208 thousand units by 2030, seeing a CAGR of 21.7% between 2022 and 2030.
A Precedence Research report indicates that the size of this particular market is likely to hit $1.7 trillion by 2032, registering a CAGR of 23.1% between 2023 and 2032.
Per a Statista report, revenues in the EV market are likely to hit $561.3 billion in 2023 and reach $906.7 billion by 2028, witnessing a CAGR of 10.1% throughout 2023-2028.
We note that the growing prospects of Alphabet in this booming market are likely to instill investor optimism in the stock.
Notably, GOOGL has gained 38% on a year-to-date basis, outperforming the industry’s growth of 36.2%.
Growing Auto Deals
The latest move has added strength to the overall auto offerings of Google. Its growing auto solutions portfolio is likely to sustain momentum among automakers.
Notably, Porsche is in talks with Google to integrate the latter’s software into the car cockpit. The deal will boost the adoption rate of Google Automotive Services.
Further, it would give Porsche’s customers access to Google apps like Google Maps and Google Assistant. Car owners won’t be required to connect their vehicles to their Android phones.
This apart, Google’s remarkable deals with well-recognized carmakers remain positive.
General Motors and Ford (F - Free Report) have incorporated Google software into their vehicles’ infotainment systems through Google Automotive Services. Ford is also set to roll out several cars with infotainment systems powered by Android this year.
Further, Volvo has integrated Google infotainment systems into its vehicles. Its cross-country models like the XC60, S90, V90 and V90 feature built-in Android-powered infotainment systems.
We believe all these endeavors are likely to continue aiding the overall performance of Alphabet in the days ahead.
The Zacks Consensus Estimate for 2023 revenues is pegged at $248.34 billion, reflecting growth of 6.2% from 2022.
Zacks Rank & Stocks to Consider
Currently, Alphabet carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader technology sector are Palo Alto Networks (PANW - Free Report) and Akamai Technologies (AKAM - Free Report) , each sporting a Zacks Rank #1 (Strong Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Palo Alto Networks shares have increased 82.5% in the year-to-date period. The long-term earnings growth rate for PANW is currently projected at 31.5%.
Akamai Technologies shares have increased 8.3% in the year-to-date period. The long-term earnings growth rate for AKAM is currently projected at 10%.