Advertisement
UK markets closed
  • FTSE 100

    7,952.62
    +20.64 (+0.26%)
     
  • FTSE 250

    19,884.73
    +74.07 (+0.37%)
     
  • AIM

    743.26
    +1.15 (+0.15%)
     
  • GBP/EUR

    1.1699
    +0.0005 (+0.04%)
     
  • GBP/USD

    1.2620
    -0.0002 (-0.02%)
     
  • Bitcoin GBP

    56,016.29
    +939.57 (+1.71%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CRUDE OIL

    83.11
    -0.06 (-0.07%)
     
  • GOLD FUTURES

    2,254.80
    +16.40 (+0.73%)
     
  • NIKKEI 225

    40,411.69
    +243.62 (+0.61%)
     
  • HANG SENG

    16,541.42
    +148.58 (+0.91%)
     
  • DAX

    18,492.49
    +15.40 (+0.08%)
     
  • CAC 40

    8,205.81
    +1.00 (+0.01%)
     

Magna (MGA) & Lyft Tie Up to Develop Self-Driving Systems

Magna International Inc. MGA and Lyft, the growing rideshare company, have announced of developing a multi-year partnership. The partnership intends to finance, build up and manufacture self-driving systems. Apart from this, Magna, the mobility company, has plans to invest $200 million in Lyft equity. However, the fructification of the partnership depends upon certain regulatory approvals.

This partnership will enable Magna and Lyft to develop and manufacture self-driving systems effectively. In fact, Lyft’s expertise in ridesharing services and the automotive experience of Magna have the capability to make this collaboration result in positive outcome amidst emerging transportation landscape.

Lyft will be the frontrunner in the co-development of the self-driving system at Palo, Alto-based self-driving center. Magna is likely to lead the manufacturing of the car and join Lyft’s development team. In effect, Magna will lend its vehicle systems knowledge, manufacturing capabilities and safety and ADAS expertise.

Magna underperformed the industry it belongs to in the past year. Its shares advanced 26.7% against the industry’s gain of 21.1%.



Magna currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.

A few better-ranked stocks in the auto space are General Motors Company GM, Volkswagen AG VLKAY and AB Volvo VLVLY. While General Motors sports a Zacks Rank #1, both Volkswagen and Volvo carry a Zacks Rank #2 (Buy).

General Motors has expected long-term growth rate of 8.4%. The shares of the company gained 6.3% in the past year.

Volkswagen has expected long-term growth rate of 18.7%. The shares of the company advanced 33.9% in the past year.

AB Volvo has an expected long-term growth rate of 15%. Past year, shares of the company rallied 28.4%.

More Stock News: This Is Bigger than the iPhone!

It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.

Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2020.

Click here for the 6 trades >>


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
 
General Motors Company (GM) : Free Stock Analysis Report
 
Volkswagen AG (VLKAY) : Free Stock Analysis Report
 
Magna International Inc. (MGA) : Free Stock Analysis Report
 
AB Volvo (VLVLY) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research