Market Overview

Nvidia-Volkswagen Relationship Deepens As Deluge Of Autonomous Car News Continues

Share:
Nvidia-Volkswagen Relationship Deepens As Deluge Of Autonomous Car News Continues

Another day, another deal in the autonomous vehicle space. Zenuity, a joint-venture between Volkswagen AG (ADR) (OTC: VLKAY) and Autoliv Inc. (NYSE: ALV), will partner with NVIDIA Corporation (NASDAQ: NVDA) to develop their own self-driving cars.

Get stories like this and the latest in business news even faster, with Benzinga Pro.

Volvo AB (ADR) (OTC: VOLVY) reiterated its commitment to having Level 4 autonomous cars for sale by 2021. Level 4 autonomy means that the car would be able to operate completely without human intervention within a (large) geofenced area. At Level 5, a steering wheel would be optional.

Zenuity will use Nvidia’s PX platform, deepening Volvo’s existing relationship with Nvidia from its “Drive Me” pilot program announced in January 2016.

Volkswagen shares jumped 1.7 percent on the news, holding steady at around $31.10.

Autoliv, on the other hand, saw its stock dip about 1 percent to the low-$108 handle. Wells Fargo analyst David Lim expressed optimism for the company though, reiterating an Outperform rating.

“[Autoliv] should continue to win its fair share of active safety business going forward,” said Lim.

tipranks.png

Recent Autonomous Car Developments

The announcement comes just a day after two other notable partnerships in the space were announced.

Avis Budget Group Inc. (NASDAQ: CAR) announced a partnership with Alphabet Inc (NASDAQ: GOOG) (NASDAQ: GOOGL)’s self-driving car division, Waymo, in which it will store and service a fleet of 600 Waymo vehicles in the Phoenix area.

Shortly after, it was reported that Apple Inc. (NASDAQ: AAPL) is renting six vehicles from Hertz Global Holdings, Inc (NYSE: HTZ) to modify and test its own autonomous driving system.

Related Links:

Top 5 Companies For Autonomous Vehicle Technology

Your Guide To Trading The Autonomous Vehicle Theme

Latest Ratings for VLKAY

DateFirmActionFromTo
Apr 2018JefferiesUpgradesHoldBuy
Nov 2016Goldman SachsUpgradesSellBuy
Nov 2016HSBCUpgradesHoldBuy

View More Analyst Ratings for VLKAY
View the Latest Analyst Ratings

 

Related Articles (NVDA + VLKAY)

View Comments and Join the Discussion!

Posted-In: Analyst Color Long Ideas News Contracts Reiteration Travel Analyst Ratings Tech Best of Benzinga

Latest Ratings

StockFirmActionPT
AHCOCanaccord GenuityMaintains39.0
NTAPGoldman SachsUpgrades56.0
IBKRCompass PointUpgrades
NTAPLoop CapitalUpgrades
CTREBerenbergUpgrades
View the Latest Analytics Ratings
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com