Amazon’s (NASDAQ:AMZN) autonomous-vehicle unit, Zoox, disclosed that its driverless robotaxis have been operating in the streets of Las Vegas since June 16. This expansion into Las Vegas marks another milestone for Zoox as it makes further progress in the development of its autonomous transportation technology.
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These self-driving vehicles have the capability to travel at a speed of up to 35 miles per hour and do not have a steering wheel or pedals. With inward-facing seats designed to accommodate four passengers, the vehicles were initially introduced approximately five months ago in Foster City, California.
Presently in Las Vegas, the company is utilizing the vehicles to transport its employees along a specific one-mile route surrounding Zoox’s headquarters. Furthermore, Zoox has plans to expand the vehicle’s travel route in the upcoming months.
It is worth mentioning that the deployment of these vehicles on Las Vegas streets is part of the company’s plans to test how well they can handle traffic lights and busy roads. The company expects the latest initiative to be a step closer to the commercial launch of these vehicles.
Interestingly, Amazon-owned Zoox intends to recruit employees for roles related to the charging and maintenance of these vehicles.
Is Amazon a Buy, Hold, or Sell?
The recent development showcases the success of AMZN’s autonomous vehicles in real-world environments. Furthermore, expectations of a rebound in AWS performance, cost-saving measures, and benefits from AI tailwinds bode well for the company’s performance in the near term.
The Strong Buy consensus rating for Amazon is backed by 37 Buys and one Hold. At $140.23, the average AMZN stock price target implies 8.55% upside potential. Shares have gained about 51% so far in 2023.
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