Apple (AAPL) has recently announced that it aims to come out with a self-driving electric car by 2024. AAPL has been attempting to design its own car since 2014, however, the results have not always been successful. It looks like the company is finally on track to release its own car by 2024. AAPL is aiming to create breakthrough battery technology to power this car, which could be a gamechanger in the electric vehicle market.

AAPL’s announcement has sent its stock soaring, but AAPL isn’t the only company that has been affected by the announcement. Some other companies that are working on electric vehicle and driverless-car technologies have also seen their shares moving higher.

Velodyne Lidar, Inc. (VLDR - Get Rating), QuantumScape Corporation (QS - Get Rating) and Luminar Technologies Inc (LAZR - Get Rating) are three such stocks that have rallied following AAPL’s announcement. These companies are working on emerging technologies like solid-state lithium-metal batteries and LIDAR (Light Detection and Ranging) for autonomous driving. So, it’s wise to add these stocks to your watchlist.

Velodyne Lidar, Inc. (VLDR - Get Rating)

VLDR is involved in developing and marketing real-time three-dimensional vision for autonomous systems. The company also develops LIDAR systems with applications in 3D mapping, autonomous vehicles, and drones. VLDR’s stock has risen 41.8% since its IPO in September 2020.

VLDR has recently signed a multi-year sales agreement with Motional to provide 3D vision sensors for the latter’s autonomous vehicles. The company has also signed a sales agreement with May Mobility to provide Alpha Prime sensors for its driverless shuttles.

For the third quarter, the company saw an increase in revenue of 137% compared to the same period last year. The number of projects that the company was working on increased to 175 from 131 during the same period last year.

VLDR’s revenue is estimated to increase 49.3% in 2021. The company’s EPS is expected to rise 74.5% in 2021.

How does VLDR stack up for the POWR Ratings?

B for Trade Grade

B for Industry Rank

The stock is also ranked #43 of 62 stocks in the Industrial – Machinery industry.

QuantumScape Corporation (QS - Get Rating)

QS is involved in the development and marketing of solid-state lithium-metal batteries for electric cars. The company went public on November 27, 2020. QS’ stock has gained 153.5% since its IPO.

QS has partnered with Volkswagen to supply the latter with solid state lithium batteries to improve the range of their electric vehicles. Volkswagen is also a major backer of QS.

QS has delivered an EBITDA of 36.62% year-over-year. The company’s operating income has increased 31.5% year-over-year.

Due to its recent IPO, QS is not rated in our POWR Ratings system yet.

Luminar Technologies Inc (LAZR - Get Rating)

LAZR is involved in the development, manufacture, and sale of sensors for driverless cars. The company also develops related software for the deployment of LIDAR.

LAZR’s stock has risen 45.6% since its IPO. The stock closed the last trading session at $35.22.

LAZR has entered into a collaboration with Mobileeye, an assisted driving technology company, to provide the latter with LIDAR systems. The company has also partnered with Daimler Trucks and Torc to help develop automated trucking. The company has recorded year-over-year revenue growth (CAGR) of 7.8%.

In our POWR Ratings system, LAZR has been accorded a grade of “B” for Industry Rank. Within the Auto Parts industry, it’s ranked #36 out of 54 stocks.

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VLDR shares fell $0.49 (-1.85%) in premarket trading Thursday. Year-to-date, VLDR has gained 155.35%, versus a 16.49% rise in the benchmark S&P 500 index during the same period.

About the Author: Aaryaman Aashind

Aaryaman is an accomplished journalist that’s passionate about providing in-depth insights about investing and personal finance. Recently he has been focused on the stock market and he specializes in evaluating high-growth stocks. More...

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