The 3 Best Autonomous Vehicle Stocks to Buy in August 2024

Core Insights - Autonomous vehicle stocks represent a significant investment opportunity due to the integration of AI and transportation, promising a new era of mobility [1] - The demand for autonomous driving technology is increasing globally, driven by safety improvements, which is expected to boost stock prices in the coming years [1] Company Summaries Aptiv (APTV) - Aptiv is a leading player in autonomous driving technology with a diverse portfolio of hardware, software, and system solutions [3] - The company reported second-quarter GAAP revenue of $5.1 billion and net income of $938 million, resulting in a margin of 18.6% [3] - For the full year, Aptiv expects net income between $1.79 billion and $1.89 billion on net sales of $20.1 billion to $20.4 billion [3] - Despite strong financial results, Aptiv's stock is down 22.78% year-to-date and 35.02% over the past 12 months, but analysts forecast a potential price increase of 35.20% in the next year [4] Luminar Technologies (LAZR) - Luminar is a pioneer in lidar technology, essential for autonomous driving, with its Iris lidar system capable of mapping environments up to 300 meters [5] - The company reported a revenue increase of 45% to $20.97 million and reduced gross losses to $10.46 million [5] - Luminar's stock is down 53.85% year-to-date and 78.67% over the past 12 months, but analysts predict a potential price increase of 302.78% in the next year [6] Micron Technology (MU) - Micron is a leader in memory chip technology, crucial for autonomous driving systems, with increasing demand from auto manufacturers [7] - The company reported fiscal third-quarter revenue of $6.81 billion, up from $3.75 billion the previous year, and a net income of $332 million compared to a net loss of $1.90 billion [7] - Micron's stock has risen 12.58% year-to-date and 33.61% over the past year, with analysts forecasting a 77.20% increase in the next 12 months [8]