'High End Computers on Wheels': Amazon (NASDAQ:AMZN) Ramps Up Zoox Production
The move to get cars out on the streets that drive themselves—whether in our garages or serving as the connection between humans and ride-sharing programs—is only ramping up. And online retail giant Amazon (AMZN) is right in the thick of it as its Zoox arm is stepping up production ahead of a formal launch in Las Vegas later this year. As big a deal technologically as this is, Amazon shareholders were oddly tepid about it all, giving Amazon shares a fractional boost in Wednesday afternoon's trading.
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Zoox just opened a new manufacturing operation in the San Francisco Bay Area—a site in Hayward, California, reports noted—to start stepping up its production. Right now, Zoox makes just one robotaxi per day, but as the launch gets closer, that number will increase substantially. In fact, reports suggest, by the time the operation reaches full scale, it will produce in about 20 minutes what it currently produces in a day, reaching a total rate of about 10,000 robotaxis per year.
Of course, this low production rate is not much of a problem, notes Aicha Evans, Zoox CEO. Zoox is not actually selling these cars, but making them for internal use. In fact, Evans noted, the cars were essentially '… high-end computers on wheels.' The vehicles, shaped like toasters, reportedly have no steering wheel, and riders face each other almost like a stagecoach, or 'carriage-style' vehicle would work.
A Page Out of the Good Book
Meanwhile, Amazon's streaming aspirations continue along, as new reports suggest that Amazon is once again turning to religion for inspiration. Currently working with Dallas Jenkins of The Chosen, Amazon is now starting work on a series that focuses on Joseph, former second-in-command of all Egypt, who you might best remember for having a really colorful coat.
The series, dubbed Joseph of Egypt, will be executive produced by Jenkins, with Craig Wright handling writing as well as executive production duties. Amazon Prime is also currently running House of David, reports note, which started in February and got a second season shortly after. Release dates for Joseph of Egypt, meanwhile, are not yet known.
Is Amazon a Good Long-Term Investment?
Turning to Wall Street, analysts have a Strong Buy consensus rating on AMZN stock based on 46 Buys and one Hold assigned in the past three months, as indicated by the graphic below. After a 15.43% rally in its share price over the past year, the average AMZN price target of $241.64 per share implies 12.16% upside potential.
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