Market News

Amazon to Buy Stake in Self-Driving Truck Technology Startup Plus – Report

Amazon (AMZN) is in talks to acquire a 20% stake in the self-driving truck technology startup, Plus. Bloomberg reports that the tech giant has also placed an order for autonomous driving systems from the startup, citing unidentified sources.

According to the Bloomberg report, Plus could be merging with Hennessy Capital Investment Corp, a special purpose acquisition company. (See Amazon stock chart on TipRanks)

The California-based startup is currently working on autonomous driving technology to be used in long-haul trucking. Plus has already partnered with delivery company SF Holding. China FAW Group is also expected to collaborate with Plus for the mass production of driverless trucks.

Thus, Amazon’s investment in Plus may not come as a surprise. In the recent past, Plus has also hired Chuck Joseph from Amazon to help scale up production.

Loop Capital analyst Rob Sanderson has reiterated a Buy rating on the stock with a $3,775 price target, implying 9.3% upside potential to current levels. The analyst remains optimistic about Amazon’s prospects going by solid grocery shopping habits and attitudes, which indicate Whole Foods is a popular choice.

A survey of 500 Prime members has shown that 56% of subscribers are ordering groceries online, with Whole Foods being their preferred shopping destination.

Consensus among analysts is a Strong Buy based on 33 Buys. The average Amazon analyst price target of $4,281.25 implies 23.95% upside potential to current levels.

AMZN scores a “Perfect 10” on TipRanks’ Smart Score rating system, indicating that the stock has strong potential to outperform market expectations.

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