General Motors
GM
is set to launch an in-car navigation application, Map Plus, for nearly 1 million vehicles via the firm’s Connected Services plans. The service is basically designed for those vehicle owners who did not have the in-car navigation built into their vehicles when they purchased it. The service will be offered to select 2018 model year vehicles and the newer Chevrolet, Buick, GMC and Cadillac vehicles by year-end. Powered by Mapbox, Maps Plus will include speed limit alerts and notify drivers if they need to refuel along the way. Additionally, it can integrate with music streaming platforms like Spotify and voice assistants like Alexa.
Coming to another important development, General Motors’ self-driving car start-up Cruise intends to expand operations to Dubai as it plans to operate robotaxis in the emirate effective 2023. Cruise has inked a deal with Dubai’s Road and Transit Authority to be the exclusive provider of driverless vehicles in the city through 2029, thereby making Dubai the first city outside the United States wherein Cruise will operate. Cruise expects to ramp up its fleet to 4,000 autonomous vehicles (AVs) in Dubai by the end of the decade. While the financial terms of the deal are kept under wraps, the agreement is in sync with Dubai’s goal of lowering transportation costs and revving up automated driving solutions in the city by 2030.
As it is, General Motors — which currently carries a Zacks Rank #5 (Strong Sell) — is actively focusing on ramping up the AV game. Last year, General Motors unveiled Origin driverless electric shuttle, which has no steering wheel, pedals or other manual controls. Recently, Cruise teamed up with Microsoft to accelerate its research. Also, Cruise is set to acquire Voyage — a self-driving startup — to level up automated driving capabilities. Cruise is highly optimistic about utilizing the unique advantages possessed by Voyage to deliver the safest and most affordable transportation solution to everyone. While Cruise deployed its fully driverless car in the densely populated areas of San Francisco last year, Voyage operates a fleet of AV in two retirement communities, one near San Jose, CA and the other north of Orlando, FL. You can see
the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here
.
Self-driving technology is a revolutionary breakthrough in the automotive industry. AVs are no longer a figment of imagination in the era of artificial intelligence and are radically transforming travel. The race to get self-driving vehicles on the road has been heating up over the past couple of years, with multiple companies like
Tesla
TSLA
,
Ford
F
and
Alphabet
GOOGL
-owned self-driving car pioneer Waymo making remarkable progress in this sector.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days.
Click to get this free report