F Stock: Why It Significantly Increased Today

By Amit Chowdhry ● Sep 15, 2021
  • The stock price of Ford Motor Company (NYSE: F) increased more than 1.8% today during intraday trading. This is why it happened.

The stock price of Ford Motor Company (NYSE: F) increased more than 1.8% today during intraday trading. Investors are responding positively to Ford Motor Company, Argo AI, and Walmart announcing that they are working together to launch an autonomous vehicle delivery service in Miami, Austin, Texas, and Washington, D.C. — Walmart’s first multi-city autonomous delivery collaboration in the U.S. And the last mile delivery service will use Ford self-driving test vehicles equipped with the Argo AI Self-Driving System to deliver Walmart orders to customers.

This collaboration brings together a self-driving technology provider with an automotive manufacturer able to integrate that technology with vehicles at scale along with the world’s largest retailer. And this combination builds on Walmart’s leadership in adopting emerging technologies to meet growing consumer expectations and enhance the last-mile delivery process. The multi-city service will enable Walmart customers to place orders of groceries and other popular items online for door-to-door autonomous delivery directly to their homes.

The commercial service will be available to Walmart customers within defined service areas of the 3 markets and will expand over time with initial integration testing slated to begin later this year. And as consumer expectations continue to shift to next-day or same-day delivery, especially in the urban core where there is a higher concentration of deliveries. This collaboration will drive key learnings in how autonomous technology can enhance customer experiences, while also optimizing logistics and operations.

Along with testing self-driving technology in Pittsburgh, Detroit and Palo Alto, Calif., Argo and Ford have been operating in Miami and Washington, D.C., since 2018 and in Austin since 2019, to build autonomous ride-hailing and delivery services and set up the necessary real estate footprint and commercial fleet management capabilities, including fueling, servicing, and cleaning of self-driving vehicles, to support the customer and keep fleets running. Walmart had previously tested with Ford in Miami in 2018.

KEY QUOTES:

“Our focus on the testing and development of self-driving technology that operates in urban areas where customer demand is high really comes to life with this collaboration. Working together with Walmart and Ford across three markets, we’re showing the potential for autonomous vehicle delivery services at scale.”

— Bryan Salesky, founder and CEO, Argo AI

“We’re excited to expand our autonomous delivery efforts in three new markets alongside Argo and Ford. This collaboration will further our mission to get products to the homes of our customers with unparalleled speed and ease, and in turn, will continue to pave the way for autonomous delivery.”

— Tom Ward, senior vice president of last mile delivery, Walmart U.S.

“Argo and Ford are aggressively preparing for large-scale autonomous vehicle operations across a broad footprint of U.S. cities. Pairing Walmart’s retail and e-commerce leadership with Argo and Ford’s self-driving operations across these multiple cities marks a significant step toward scaling a commercial goods delivery service that will ultimately power first-to-scale business efficiencies and enable a great consumer experience.”

— Scott Griffith, CEO, Ford Autonomous Vehicles & Mobility Businesses

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.