Magna Joins Forces With MDOT-3M To Better Auto Connectivity

Magna International Inc. (NYSE:MGA) announced that it is providing camera and secure connectivity expertise to a project jointly undertaken by the Michigan Department of Transportation (MDOT) and 3M (NYSE:MMM) .

The project is the country’s first vehicle-to-infrastructure connected work zone, to be constructed along a three-mile section of I-75 in Oakland County, MI. It is presumed that the project’s findings will play an important role in improving the efficiency of vehicle connectivity infrastructure on construction-related roadways.

Magna International will continue to assist MDOT and 3M in order to provide them with skilful advice on connectivity and infrared camera technology in the coming years. The company’s engineers and developers will help read the data for continuous technological upgrade.

Per Swamy Kotagiri, Magna’s Chief Technology Officer, the company’s collaborative work with MDOT and 3M to integrate technology would address vital issues namely, the location of street signs, loss of internet connectivity or incorrect processing of vehicle-to-infrastructure information.

Recently, the company has accelerated its innovation capabilities to develop new technology. In June, the company had announced that the introduction of D-Optic LED headlamps, combining several high-power LEDs.

The new headlamps will improve drivers’ visibility as well as provide customized styling options for automakers. Other advancements highlighted recently include the Trailer Reverse Guidance System, the vision-based ADAS product, featured on the pickup truck - 2017 Ford Super Duty.

Price Performance

Magna International has outperformed the Zacks categorized Auto/Truck-Original Equipment industry in the last three months. The stock has increased 13.9% compared with the industry’s gain of 8% during the period.

Zacks Rank & Key Picks

Magna International currently carries a Zacks Rank #3 (Hold).

Magna International, Inc. Price and Consensus

Magna International, Inc. Price and Consensus | Magna International, Inc. Quote

Some better-ranked companies in the auto space are Cummins Inc. (NYSE:CMI) and Ferrari N.V. (NYSE:RACE) . Cummins and Ferrari sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Cummins has an expected long-term growth rate of 11.7%

Ferrari has an expected long-term growth rate of 14.1%

5 Trades Could Profit "Big-League" from Trump Policies

If the stocks above spark your interest, wait until you look into companies primed to make substantial gains from Washington's changing course.

Today Zacks reveals 5 tickers that could benefit from new trends like streamlined drug approvals, tariffs, lower taxes, higher interest rates, and spending surges in defense and infrastructure. See these buy recommendations now >>