Google share price: Company open to partner with automakers on self-driving car

on Jan 15, 2015
Updated: Oct 21, 2019

Google Inc (NASDAQ:GOOGL), the world’s largest online search company, is open to seeking partnerships with traditional automotive manufacturers in order to bring self-driving cars to the market within five years. Speaking yesterday at the annual Automotive News World Congress conference in Detroit, Chris Urmson, the head of Google’s self-driving project, said that the company was not planning to enter the car-making business and added that it had begun talks with the most of the world’s top car makers.Google has also struck partnerships with auto suppliers including Continental AG and Robert Bosch GmbH to help realise its vision.

“We’d be remiss not to talk to … the biggest auto manufacturers. They’ve got a lot to offer,” Urmson said, as quoted by Reuters. Those manufacturers included General Motors Co, Ford Motor Co, Toyota Motor Corp, Daimler AG and Volkswagen AG, he noted. On Monday, General Motors’ chief technology officer said that the company was open to working with Google on self-driving cars.
Urmson also said that he didn’t expect regulation to be a barrier for driverless cars. “We don’t think there is a regulatory block,” he told reporters, adding that Google is working with US regulators on testing driverless cars and “the worst thing possibly we could do is surprise them”.

In yesterday’s trading, Google shares closed up 0.8 percent at $505.93. The company’s stock has fallen 4.7 percent since the start of the year.
According to CNNMoney, the 40 analysts offering 12-month price forecasts for Google have a median target of $632.00, with a high estimate of $750.00 and a low estimate of $530.00. The current consensus among 47 polled investment analysts is to purchase equity in the company, the publication notes.
As of 14:39 GMT, Thursday, 15 January, Google share price is $505.87.

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