FedEx (FDX) Starts Pilot Testing for Aurora Autonomous Trucks
FedEx Corporation FDX recently launched an autonomous truck pilot program in partnership with Aurora, an autonomous vehicle technology company, and PACCAR, a medium-and-heavy-duty truck manufacturer.
As part of the pilot program, effective Sep 22, FedEx’s goods are being hauled between Dallas, TX and Houston, TX, a 500-mile round-trip route, using PACCAR’s trucks equipped with Aurora’s self-driving technology. While the trucks are operating autonomously, there is a backup driver for safety purposes.
FedEx’s vice president, advanced technology and innovation, Rebecca Yeung, said, “This is an exciting, industry-first collaboration that will work towards enhancing the logistics industry through safer, more efficient transportation of goods and we are pleased to collaborate with other industry leaders – Aurora and PACCAR – on this endeavor.”
FedEx Corporation Price
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FedEx’s testing of Aurora’s autonomous trucks can be linked to the strong delivery volumes the company has been seeing due to a rise in e-commerce demand amid the pandemic. Previously, in June, FedEx announced a multi-year, multi-phase agreement with Nuro, an autonomous delivery company, to test self-driving vehicles in its network.
Zacks Rank & Key Picks
FedEx carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Transportation sector are Matson MATX, ArcBest Corporation ARCB and Covenant Logistics Group CVLG, each sporting a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Shares of Matson, ArcBest and Covenant Logistics have rallied more than 43%, 78% and 90% so far this year, respectively.
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