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Toyota to Build 175-Acre Prototype City of the Future in Japan

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Toyota Motor Corporation (TM - Free Report) recently announced plans to build a prototype city of the future— Woven City — in Japan. It will be built on a 175-acre siteat the base of Mt. Fuji, powered by hydrogen fuel cells andfunction as a living laboratory for autonomous cars, smart homes, artificial intelligence and other technologies. Danish architect Bjarke Ingels has been commissioned to design the Woven City, which is expected to break ground in early 2021.

The city is beingdesigned to be entirely sustainable, with buildings made mostly of wood, in a bid to reduce carbon footprint, combined with robotic production methods, using traditional Japanese wood joinery. In addition to the power generated by hydrogen fuel cells, the rooftops will be covered withphoto-voltaic panels for solar power generation.

The streets or pathways, as the name suggests, will be weaved together into three different types, each for a specific type of user. These will be used for faster vehicles, a mix of lower speed, personal mobility and pedestrians, and a park-like pedestrian walk. To cut climate-changing emissions from vehicles, autonomous Toyota e-Palettes will be used for transportation and deliveries.

Residents will use sensor-based AI to track residents’ wellbeing, look after their basic needs, and improve daily life, providing an opportunity to safely and effectively deploy connected technology with integrity and trust. Toyota will also extend invitations to collaborate with other business and academic partners, and encourage interested scientists and researchers across the globe to come and work,in order to take advantage of this unique research ecosystem.

Toyota’s focus on developing electric and driverless cars is likely to boost revenues in the days ahead. The company plans to introduce fuel-cell-enabled SUVs, and pick-up and commercial trucks by 2025.  The firm also aims to achieve half its global sales from electric vehicles during the same time frame. Toyota’s efforts to make better cars suitable for CASE (connected, autonomous, shared and electric) era are commendable.

Zacks Rank & Stocks to Consider

Toyota currently carries a Zacks Rank #3 (Hold). The stock has outperformed the industry it belongs to over the past year. Its shares have appreciated 16.1% compared with the industry’s rise of 8.8%.

Some better-ranked stocks in the Auto-Tires-Trucks sector include Tesla, Inc. (TSLA - Free Report) , Visteon Corporation (VC - Free Report) and SPX Corporation (SPXC - Free Report) , each carrying a Zacks Rank of 2 (Buy), at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

Tesla has an estimated earnings growth rate of a whopping 1504.88% for 2020. The company’s shares have surged 34.8% in a year’s time.

Visteon has a projected earnings growth rate of 69.76% for the ongoing year. Its shares have gained 37.9% over the past year.

SPX has an expected earnings growth rate of 8.09% for the current year. The stock has soared84.9% in the past year.

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