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Amazon's (AMZN) Zoox Rolls Out New Self-Driving Robotaxi
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Amazon’s (AMZN - Free Report) self-driving company, Zoox Inc. has unveiled its first self-driving robotaxi, putting an end to its long-awaited quest for driverless car services.
Zoox’s new robotaxi does not have any steering wheel, implying that there is no driver seat. It has space for up to four passengers and can travel up to 75 miles per hour.
In addition, it can run up to 16 hours on a single charge. Taking safety features into consideration, the company can manually operate the vehicles remotely and communicate with passengers in real time.
Its latest app-based taxi service is expected to be launched in cities like San Francisco and Las Vegas.
Notably, Amazon acquired Zoox in June for an undisclosed amount. Though the real motive behind the deal was not clear at that time, it has definitely provided Amazon with a strong exposure in the autonomous driving space.
The retail giant has already been using self-driving trucks to heave cargo. It is always possible that over time, Zoox’s self-driving vehicles could be used by Amazon to expand its logistics network, thereby making last-mile delivery cheaper and faster than before.
We note that the company’s latest move will help it in gaining momentum among consumers who are eagerly waiting to avail the driverless technology. Moreover, the service is going to aid the company’s revenue generation, which in turn will drive top-line growth.
In this data-driven world, self-driving technology and vehicles are gaining strong traction. Moreover, the autonomous driving space presents robust prospects in the near term and long run.
Per a report from Allied Market Research, the autonomous driving market is expected to hit $556.67 billion by 2026 at a CAGR of 39.5% between 2019 and 2026.
Further, a report from Grand View Research shows that the global self-driving car and truck market is projected to see a CAGR of 63.1% between 2021 and 2030.
Furthermore, a Market Data Forecast report indicates that the self-driving cars market is expected to hit $56.21 billion in 2020 and reach $220.44 billion by 2025, at a CAGR of 36.5% between 2020 and 2025.
Amazon’s growing efforts in this particular market are likely to help it in reaping benefits from the same. In addition to the latest move, the company has teamed up with companies developing driverless car software at CES 2020.
Further, its investment in Aurora — a startup that develops technology to power fully-autonomous vehicles — remains noteworthy.
All these factors will aid the e-commerce giant to rapidly penetrate the autonomous driving space.
Intensifying Competition
Zoox’s autonomous 'carriage-style' robotaxi is likely to intensify competition in the self-driving space. Notably, Alphabet (GOOGL - Free Report) enjoys first-mover advantage in this space on the back of well-performing Waymo vehicles.
This October, Waymo opened its driverless service to the general public in Phoenix.
Further, this year, Google’s self-driving unit announced two partnerships with Fiat Chrysler and Volvo Cars Group, both centered on self driving.
In addition to Amazon and Alphabet, companies like Intel (INTC - Free Report) , Lyft and Baidu (BIDU - Free Report) are also leaving no stone unturned to capitalize on the prospects of this particular market.
Further, Lyft resumed self-driving vehicle testing on public roads in California in July, which was paused due to the COVID-19 pandemic.
Further, Baidu has received license for five of its self-driving vehicles in China. Further, the launch of the company’s Apollo Robotaxi fleet of 45 self-driving cars in Changsha, Hunan province, for trial operations in urban road environments remains a positive.
Nevertheless, Amazon’s aggressive approach in the driverless technology space is noteworthy.
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
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Amazon's (AMZN) Zoox Rolls Out New Self-Driving Robotaxi
Amazon’s (AMZN - Free Report) self-driving company, Zoox Inc. has unveiled its first self-driving robotaxi, putting an end to its long-awaited quest for driverless car services.
Zoox’s new robotaxi does not have any steering wheel, implying that there is no driver seat. It has space for up to four passengers and can travel up to 75 miles per hour.
In addition, it can run up to 16 hours on a single charge. Taking safety features into consideration, the company can manually operate the vehicles remotely and communicate with passengers in real time.
Its latest app-based taxi service is expected to be launched in cities like San Francisco and Las Vegas.
Notably, Amazon acquired Zoox in June for an undisclosed amount. Though the real motive behind the deal was not clear at that time, it has definitely provided Amazon with a strong exposure in the autonomous driving space.
The retail giant has already been using self-driving trucks to heave cargo. It is always possible that over time, Zoox’s self-driving vehicles could be used by Amazon to expand its logistics network, thereby making last-mile delivery cheaper and faster than before.
We note that the company’s latest move will help it in gaining momentum among consumers who are eagerly waiting to avail the driverless technology. Moreover, the service is going to aid the company’s revenue generation, which in turn will drive top-line growth.
Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote
Autonomous Driving Holds Promise
In this data-driven world, self-driving technology and vehicles are gaining strong traction. Moreover, the autonomous driving space presents robust prospects in the near term and long run.
Per a report from Allied Market Research, the autonomous driving market is expected to hit $556.67 billion by 2026 at a CAGR of 39.5% between 2019 and 2026.
Further, a report from Grand View Research shows that the global self-driving car and truck market is projected to see a CAGR of 63.1% between 2021 and 2030.
Furthermore, a Market Data Forecast report indicates that the self-driving cars market is expected to hit $56.21 billion in 2020 and reach $220.44 billion by 2025, at a CAGR of 36.5% between 2020 and 2025.
Amazon’s growing efforts in this particular market are likely to help it in reaping benefits from the same. In addition to the latest move, the company has teamed up with companies developing driverless car software at CES 2020.
Further, its investment in Aurora — a startup that develops technology to power fully-autonomous vehicles — remains noteworthy.
All these factors will aid the e-commerce giant to rapidly penetrate the autonomous driving space.
Intensifying Competition
Zoox’s autonomous 'carriage-style' robotaxi is likely to intensify competition in the self-driving space. Notably, Alphabet (GOOGL - Free Report) enjoys first-mover advantage in this space on the back of well-performing Waymo vehicles.
This October, Waymo opened its driverless service to the general public in Phoenix.
Further, this year, Google’s self-driving unit announced two partnerships with Fiat Chrysler and Volvo Cars Group, both centered on self driving.
In addition to Amazon and Alphabet, companies like Intel (INTC - Free Report) , Lyft and Baidu (BIDU - Free Report) are also leaving no stone unturned to capitalize on the prospects of this particular market.
Further, Lyft resumed self-driving vehicle testing on public roads in California in July, which was paused due to the COVID-19 pandemic.
Further, Baidu has received license for five of its self-driving vehicles in China. Further, the launch of the company’s Apollo Robotaxi fleet of 45 self-driving cars in Changsha, Hunan province, for trial operations in urban road environments remains a positive.
Nevertheless, Amazon’s aggressive approach in the driverless technology space is noteworthy.
Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Zacks Names “Single Best Pick to Double”
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
You know this company from its past glory days, but few would expect that it’s poised for a monster turnaround. Fresh from a successful repositioning and flush with A-list celeb endorsements, it could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in a little more than 9 months and Nvidia which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>