Ford Motor Company (F - Free Report) has announced that it intends to build a cloud-based and shared platform for managing vehicles and connecting people with different modes of transportation, per a Reuters report. The auto giant is of the opinion that the connected platform will ease the flow of people and goods.
Ford has also announced that it will tie up with delivery service, Postmates, as it plans to begin the test in a U.S. city in order to understand how self-driving cars can help transport people and food and packages. Notably, Ford is already into partnerships with ride-hailing company, Lyft, and delivery company, Domino's Pizza.
The autonomous-vehicle business model aims at helping Ford’s business partners in expanding into uncharted territories and allowing the auto giant to support small and midsize businesses. The company already has self-driving vehicles in Detroit and Pittsburgh. Ford’s plans will challenge ride services companies like Uber and underscore how automakers and many technology companies are working toward developing businesses enabled by self-driving vehicles.
Over the past three months, shares of Ford have outperformed the industry it belongs to. The company’s shares have increased 5.6% compared with the industry’s growth of 0.1%.
Ford currently has a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
A few other top-ranked automobile stocks in the same space are Allison Transmission Holdings, Inc. (ALSN - Free Report) , Oshkosh Corporation (OSK - Free Report) and Lear Corporation (LEA - Free Report) , each carrying a Zacks Rank #2.
Allison Transmission has a long-term growth rate of 10%. The company’s shares have gained 35.4% in the past 12 months.
Oshkosh has a long-term growth rate of 16.5%. The company’s shares have gained 33.7 % in the past 12 months.
Lear Corporation has a long-term growth rate of 7.1%. The company’s shares have gained 32.6% in the past 12 months.
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