Alphabet’s (GOOGL) autonomous driving technology subsidiary Waymo has inked a strategic partnership with global auto manufacturer Geely. The partnership paves the way for the expansion of the Waymo One fleet with Geely’s all-electric vehicles. GOOGL shares fell 0.02% to close at $2,933.1 on December 29.
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Alphabet is the holding company of Google, the internet media giant, which accounts for 99% of its total revenue. The company makes most of its money from online ads. Alphabet’s earnings report for Q4 2021 is scheduled for February 2, 2022.
Waymo-Geely Pact
Under the terms of the agreement, Waymo will integrate its fully autonomous Waymo Driver into the all-electric Zeekr vehicle. The integration is part of Alphabet’s push to enhance access to sustainable transportation.
In the long run, Waymo will integrate its Waymo Driver into the transportation-as-a-service-optimized Zeekr vehicle. The all-electric vehicle is designed for comfort and convenience as it features a flat floor for easy entry and exit.
The partnership with Geely builds on a string of agreements that the Alphabet unit has inked with some of the world’s leading automakers over the years. In a bid to build the world’s most experienced driver, Waymo has embarked on an ambitious plan to deploy fully autonomous technology.
Waymo has also made clear its intentions to one day unveil an all-electric, fully autonomous car without a steering wheel, backed by the required safety standards required in the U.S. It plans to release the vehicles as part of its Waymo One fleet in the coming years.
Stock Rating
Earlier this month, Tigress Financial analyst Ivan Feinseth reiterated a Buy rating on GOOGL stock and raised the price target to $3,540 from $3,185, implying 20.69% upside potential to current levels. According to the analyst, Google’s increased focus on artificial intelligence continues to drive greater product functionality and significant growth opportunities.
Consensus among analysts is a Strong Buy based on 26 Buys and 2 Holds. The average Alphabet price target of $3,368.75 implies 14.85% upside potential to current levels.
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