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Amazon (AMZN) Expands Zoox to Bolster Self-Driving Efforts
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In a bid to bolster its presence in the self-driving space, Amazon (AMZN - Free Report) is expanding its Zoox operations.
Zoox’s headcount increased by 16% to 2,200 from 1,900 at the beginning of this year.
Zoox has been testing its driverless robotaxi on the roads of Las Vegas since Jun 16. The vehicles are without a steering wheel or pedals.
Moreover, the company has also received approval from the Nevada Department of Motor Vehicles to test its autonomous vehicles on the roads of Nevada.
Additionally, Zoox is planning to expand warehouse spaces by investing in its Las Vegas facilities. This, in turn, will accelerate its testing activities.
The above-mentioned endeavors will help Amazon capitalize on the growth prospects present in the booming autonomous driving space.
Per a Fortune Business Insights report, the global autonomous car market is expected to reach $11.03 billion by 2028, witnessing a CAGR of 31.3% between 2021 and 2028.
Per a report by Mordor Intelligence, the worldwide driverless vehicle market is expected to see a CAGR of 18.06% between 2021 and 2026.
We believe that Amazon’s growing prospects in this promising market will help it win investors’ confidence in the days ahead.
Coming to price performance, Alphabet has gained 52.2% on a year-to-date basis.
Competitive Scenario
Given the upbeat scenario, not only Amazon but companies like Alphabet (GOOGL - Free Report) and Baidu (BIDU - Free Report) are also making every effort to capitalize on the growth prospects in the autonomous driving space.
Alphabet’s Waymo is constantly enjoying its expanding fleet operations across the United States. Recently, it entered into a multi-year partnership with Uber Technologies (UBER - Free Report) to offer an autonomous driving experience to the latter’s customers in Phoenix, AZ.
Moreover, Uber, which offers the ride-sharing service, strives to infuse Waymo’s autonomous driving technology into its operations on the back of this partnership.
Further, the expansion of the operating area of Waymo One in Phoenix, which now includes rides to Phoenix Sky Harbor International Airport, remains noteworthy.
Also, Waymo’s effort to expand its operations to downtown Phoenix remains a positive. Further, it rolled out a rider-only service in downtown Phoenix.
Apart from Phoenix, Waymo’s expansion to San Francisco, CA, on the back of its Early Rider program called Trusted Tester, is another positive. Furthermore, Waymo started testing its self-driving vehicles on the streets of Bellevue, WA.
Meanwhile, Baidu is gaining from the strong momentum of the Apollo Go Robotaxi service across China on the back of its increasing availability in several cities and a growing number of rides.
Apollo Go is available in ten cities, namely Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Changsha, Cangzhou, Yangquan, Wuzhen Water Town and Wuhan.
Nevertheless, Alphabet’s growing autonomous driving initiatives are likely to help it stay ahead of the curve.
Image: Bigstock
Amazon (AMZN) Expands Zoox to Bolster Self-Driving Efforts
In a bid to bolster its presence in the self-driving space, Amazon (AMZN - Free Report) is expanding its Zoox operations.
Zoox’s headcount increased by 16% to 2,200 from 1,900 at the beginning of this year.
Zoox has been testing its driverless robotaxi on the roads of Las Vegas since Jun 16. The vehicles are without a steering wheel or pedals.
Moreover, the company has also received approval from the Nevada Department of Motor Vehicles to test its autonomous vehicles on the roads of Nevada.
Additionally, Zoox is planning to expand warehouse spaces by investing in its Las Vegas facilities. This, in turn, will accelerate its testing activities.
Amazon.com, Inc. Price and Consensus
Amazon.com, Inc. price-consensus-chart | Amazon.com, Inc. Quote
Growth Prospects
The above-mentioned endeavors will help Amazon capitalize on the growth prospects present in the booming autonomous driving space.
Per a Fortune Business Insights report, the global autonomous car market is expected to reach $11.03 billion by 2028, witnessing a CAGR of 31.3% between 2021 and 2028.
Per a report by Mordor Intelligence, the worldwide driverless vehicle market is expected to see a CAGR of 18.06% between 2021 and 2026.
We believe that Amazon’s growing prospects in this promising market will help it win investors’ confidence in the days ahead.
Coming to price performance, Alphabet has gained 52.2% on a year-to-date basis.
Competitive Scenario
Given the upbeat scenario, not only Amazon but companies like Alphabet (GOOGL - Free Report) and Baidu (BIDU - Free Report) are also making every effort to capitalize on the growth prospects in the autonomous driving space.
Alphabet’s Waymo is constantly enjoying its expanding fleet operations across the United States. Recently, it entered into a multi-year partnership with Uber Technologies (UBER - Free Report) to offer an autonomous driving experience to the latter’s customers in Phoenix, AZ.
Moreover, Uber, which offers the ride-sharing service, strives to infuse Waymo’s autonomous driving technology into its operations on the back of this partnership.
Further, the expansion of the operating area of Waymo One in Phoenix, which now includes rides to Phoenix Sky Harbor International Airport, remains noteworthy.
Also, Waymo’s effort to expand its operations to downtown Phoenix remains a positive. Further, it rolled out a rider-only service in downtown Phoenix.
Apart from Phoenix, Waymo’s expansion to San Francisco, CA, on the back of its Early Rider program called Trusted Tester, is another positive. Furthermore, Waymo started testing its self-driving vehicles on the streets of Bellevue, WA.
Meanwhile, Baidu is gaining from the strong momentum of the Apollo Go Robotaxi service across China on the back of its increasing availability in several cities and a growing number of rides.
Apollo Go is available in ten cities, namely Beijing, Shanghai, Guangzhou, Shenzhen, Chongqing, Changsha, Cangzhou, Yangquan, Wuzhen Water Town and Wuhan.
Nevertheless, Alphabet’s growing autonomous driving initiatives are likely to help it stay ahead of the curve.
Currently, Amazon carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.