This $9 Autonomous Vehicle Stock Could Play a Major Role in the Self-Driving Revolution

The world is moving one step closer to making autonomous vehicles an everyday reality…

For years now, Tesla Inc. (TSLA) has been at the forefront of the movement…

In the company’s most recent earnings report, founder Elon Musk said the technology could add an additional $50 billion to $60 billion in profits once it achieves level 5 self-driving results (which the company expects by the end of the year).

With these kinds of developments, major auto manufacturers and technology companies see the writing on the wall.

In 2020, Mercedes-Benz owner Daimler (DMLRY) announced a partnership with semiconductor juggernaut Nvidia (NVDA) to develop chips capable of powering in-vehicle artificial intelligence (AI), driver-assist systems, and autonomous vehicles. 

Meanwhile, Microsoft (MSFT) and General Motors (GM) recently announced a collaboration to develop autonomous vehicles as well.

Through the partnership, Microsoft will provide General Motors with its cloud services, AI, and other machine learning technologies. 

While it’ll take time for the world to see self-driving cars out on the roads en masse, many of these auto manufacturers expect to launch vehicles commercially by as soon as 2024. 

And once the first fleet of self-driving cars hit the roads, other manufacturers are bound to double down on autonomous vehicles to avoid missing out on the revolutionary movement and the potential profits… 

But with so many companies pouring billions into the market, it can be challenging to figure out which ones could offer investors the biggest gains. 

That’s exactly why I’m bringing you a little-known firm with plenty of room to grow that’s behind some of the sensor technologies that make autonomous vehicles possible in the first place…

One of the Best Self-Driving Stocks to Watch

Aeva Technologies Inc. (AEVA) is a self-driving startup that develops light detection and ranging (LiDAR) sensors on chips that use pulsed-laser lights to measure the distances between objects.

finviz dynamic chart for  AEVA

While much of the market’s focus has been on big names like Tesla developing autonomous vehicles, LiDAR is the key technology behind the function of self-driving cars.

LiDAR is used to detect how close vehicles are to objects and their current velocity. It’s also used to help autonomous cars avoid other vehicles on the road,  as well as to stop in traffic. 

And Aeva recently went public in March through a merger with the special purpose acquisition company (SPAC) InterPrivate Acquisition

While the LiDAR technology maker doesn’t have any meaningful sales to report, it has recently signed a series of agreements with manufacturers to produce its technology for the impending self-driving market. 

Thanks to the merger, Aeva has $560 million in gross cash proceeds to help it ramp up the development of its LiDAR chips by 2024, which are anticipated to use less power than other sensor technologies. 

Aeva is currently working with over 30 automakers to implement its technology into their vehicles. Legacy auto manufacturers, such as Porsche, are investors in the firm. 

The company’s shares trade at $9. And at this low price, it could present a potential buying opportunity for investors looking to get in on the ground floor of the self-driving movement. 

However, given how young the company is, it’ll take time for it to develop further technology.

Because of this, it will be important for those interested to monitor the number of deals the company is making, the cash Aeva’s spending, and how it stacks up against competitors in the market moving forward.

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