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The race toward building a fully functioning large-scale fleet of autonomous vehicles intensified this week after Lyft struck a new partnership with Alphabet Inc (NASDAQ:GOOG) (NASDAQ:GOOGL)'s Waymo unit.The question on many investors' minds after the announcement is what impact, if any, this will have on Tesla Inc (NASDAQ:TSLA), which is also vying for a leadership position in the autonomous driving space.
Morgan Stanley Speaks Out Post-Downgrade
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Adam Jonas, an analyst with Morgan Stanley, downgraded Tesla's stock on Monday. He commented in a research report on Wednesday that the combination of Waymo and Lyft is a "complementary fit," which combines Waymo's technological expertise with Lyft's fleet that can log several million vehicle miles per day.
Jonas went on to highlight one of the themes of his recent downgrade, namely the ability of large tech firms to enter the automated transport market. This is exactly what happened between Alphabet's unit and Waymo and further makes the case that large tech companies don't want to be in the business of a self-driving car, rather want a user's attention inside of a self-driving car.
"Firms could enter the market as a competitor, offering the mobility service from, say, New York to Boston or from Santa Monica to LAX at a loss [...] just to get access to your time and data [...] the chance to monetize your journey for paid search or to sell you content," the analyst explained.
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Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.