Amazon Interest In Zoox Seen Opening Door For Potential Uber, Tesla Competition

The analyst also thinks that autonomous technology is a natural extension of Amazon’s efforts to build its own third-party logistics network, and argues that the company’s innovation focus, capital to invest, and leading shipping volumes makes it one of the few that could build a product to compete with Waymo, Uber, Lyft and others. Scaled consumer autonomous offerings remains years away, but Nowak expects small city-level tests and use cases to continue to expand and roll out over the next few years. As such, over time, this acquisition would also open the door for Amazon to potentially begin to compete in the ridesharing and food delivery industries, he contended. The analyst kept an Overweight rating and $2,600 price target on Amazon shares.

PRICE ACTION: In morning trading, shares of Amazon have dropped over 2% to $2,366.20. Meanwhile, Uber shares are down about 4% to $33.25 and Tesla is down roughly 3.5% to $790.77.

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