Toyota Motor Corporation (TM - Free Report) and Japan’s space agency agreed to collaborate for the development of a manned lunar rover, driven by fuel cell technologies, per Reuters. Per the Japan Aerospace Exploration Agency (“JAXA”), this partnership and the development of the lunar rover may turn out to be a major contribution to the international space program in the future.
Per JAXA, the aim is to launch the lunar rover into space in 2029. However, the development of the rover is still in the preliminary stage but an illustration shows a six-wheel vehicle that is somewhat similar to an armored personnel carrier.
Per the Japanese auto giant, which intends to come up with zero-emission fuel cell vehicles as an alternative to gasoline vehicles, this project will provide it the chance to test its technologies in the harsh environment of the moon.
For Toyota, which has several accolades, this space project is indeed very exciting as well as challenging.
Toyota has an expected long-term growth rate of 6%. Over the past three months, its shares have outperformed the industry it belongs to. Over this period, shares of the company decreased 8.7% while the industry declined 25.2%.
Toyota currently carries a Zacks Rank #3 (Hold).
A few better-ranked stocks in the auto space are Ferrari N.V. (RACE - Free Report) , Oshkosh Corp. (OSK - Free Report) and General Motors Company (GM - Free Report) . While Ferrari currently sports a Zacks Rank #1 (Strong Buy), Oshkosh and General Motors carry a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Ferrari has an expected long-term growth rate of 18.5%. Over the past year, shares of the company have risen 6.5%.
Oshkosh has an expected long-term growth rate of 11.3%. Over the past six months, shares of the company have gained 6.1%.
General Motors has an expected long-term growth rate of 8.5%. Over the past three months, shares of the company have risen 10%.
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