Magna International Inc. (MGA - Free Report) has collaborated with May Mobility, Inc. to retrofit and scale up May Mobility’s exclusive fleet of autonomous shuttles. Under the partnership, Magna will work on low-speed autonomous micro-transit electric shuttles.
Ann Arbor, MI-based May Mobility is a startup company that produces self-driving shuttles for the United States. The initial fleet of upgraded vehicles will be introduced on Jun 26, 2018, with its first deployment at Detroit, MI.
At its Troy, MI facility, Magna along with May Mobility’s engineers, will upgrade vehicles. Initiating with existing vehicles and increasing the number per market demand, the collaboration aims to offer road-ready self-driving electric shuttles, designed by May Mobility and assembled by Magna.
Magna International Inc. Price and Consensus
The retrofitting by Magna includes body modifications, drive-by-wire upfitting — to make the vehicles ready for autonomous driving — and sensor integration.
Per management, the partnership will demonstrate Magna’s complete vehicle and technical proficiency to existing as well as new automotive companies.
The company is a leading manufacturer and supplier of automotive components. Apart from engineering and assembling vehicles, the company designs, develops and manufactures automotive systems, primarily for selling to original equipment manufacturers of cars and light trucks.
In the past three months, Magna’s stock has moved up 15.1%, outperforming 4.8% increase of the industry it belongs to.
Zacks Rank & Other Stocks to Consider
Currently, Magna carries a Zacks Rank #2 (Buy). Some other top-ranked stocks in the auto space are General Motors Company (GM - Free Report) , Ferrari N.V. (RACE - Free Report) and Peugeot S.A. (PUGOY - Free Report) , each carrying a Zacks Rank of 2. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
General Motors has an expected long-term growth rate of 5.5%. Shares of the company have risen 28.5% over the past year.
Ferrari has an expected long-term growth rate of 17.3%. Shares of the company have risen 64.5% over the past year.
Peugeot has an expected long-term growth rate of 19.2%. Shares of the company have risen 23% over the past year.
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