fbpx
QQQ
+ 0.00
316.89
+ 0%
DIA
+ 0.00
336.19
+ 0%
SPY
+ 0.00
405.71
+ 0%
TLT
+ 0.00
135.60
+ 0%
GLD
+ 0.00
170.44
+ 0%

Is Polaris Being Overlooked In The Electric & Autonomous Vehicle Markets?

April 2, 2021 11:00 am
Share to Linkedin Share to Twitter Share to Facebook Share to Print License More
Is Polaris Being Overlooked In The Electric & Autonomous Vehicle Markets?

The growth of the electric vehicle market has produced many companies tackling different sectors and sizes of the market. A company known for producing off-road vehicles could become a player in the electric and autonomous vehicle markets.

What Happened: Optimus Ride and Polaris Inc (NYSE:PII) signed a joint development agreement this week to create an exclusive line of low-speed autonomous vehicles.

The new Polaris GEM, or global electric motorcars, will operate on streets in residential communities, corporate campuses and academic campuses across the U.S. Optimus Ride offers cutting-edge, full-stack autonomous technology.

“Together, Optimus Ride and Polaris Commercial have set out to solve a real mobility problem through autonomous vehicle technology,” the company said.

Optimus Ride has already completed over 75,000 rides with Polaris GEM vehicles in the last two years at select test locations.

The vehicles can already be found in geofenced communities in Massachusetts, Virginia, California, New York and Washington D.C. A recent approval in California will allow the GEMs to be tested on public roads in the state.

“Right-sized, all-electric, fully autonomous GEMs are a safe, cost-effective and sustainable solution,” stated the press release.

Related Link: Polaris Q4 Earnings Insights

Why It’s Important: Known as a leader in the powersports and off-road vehicle markets, Polaris is quickly becoming a serious player in the commercial vehicle business and in the expansion of its autonomous offerings.

Polaris Commercial already has several passenger vehicles and utility vehicles. Now, it can add autonomous vehicles.

“Microtransit is a great starting point for autonomy and it will be the place where AVs will start to penetrate,” the company told TechCrunch.

The expansion of Polaris in autonomous vehicles of this type puts the company into competition with Alphabet (NASDAQ:GOOG)(NASDAQ:GOOGL) unit Waymo, General Motors Company (NYSE:GM) Cruise division, Ford Motor Company (NYSE:F) and other startups.

“The concentration of short trips in a low-speed, localized environment means you can most rapidly deploy autonomous mobility solutions and deliver an exceptional experience. Whereas with a robotaxi, the technology challenge is unbounded,” the company told TechCrunch.

PII Price Action: Shares of Polaris closed up 1.06% to $134.93 on Thursday.

(Photo: A Polaris GEM e6 featuring Optimus Ride’s autonomous technology, Polaris)

Posted-In:

Trading Ideas

Related Articles

What's Driving Luminar Technologies Stock Higher?

Shares of Luminar Technologies, Inc. (NASDAQ: LAZR) are rallying strong Wednesday on the back of hiring announced by the company. read more

Lordstown Endurance Truck Falls Short Of Completing Desert Race, Withdraws At 40 Miles

Lordstown Motors Corp (NASDAQ: RIDE) said on Sunday its electric pickup truck Endurance, which competed in the off-road desert race SCORE International San Felipe 250, failed to cross the finish line in Baja California, Mexico. read more

5 Trends Auto Stock Investors Should Watch In 2021

Auto stocks have been some of the top performers in the market in the last year as investors position themselves for long-term growth trends from the next generation of auto technology, including electric and autonomous vehicles. read more

Ford Is As Good Of A Play As Any In EV Space, Castleark CIO Says

On CNBC's "The Exchange," Jerry Castellini appeared to discuss his playbook moving forward. Castellini is the president and chief investment officer of Castleark and he was asked about Ford Motor Company (NYSE: F), which is up 38% this year. read more