5 Best Electric and Autonomous Driving Stocks to Buy According to Hedge Funds

3. Alphabet Inc. (NASDAQ:GOOGL)

Alphabet Inc. (NASDAQ:GOOGL) is one of the 10 best electric and autonomous driving stocks to buy according to hedge funds.

On June 11, Alphabet Inc.’s (NASDAQ:GOOGL) subsidiary, Waymo, unveiled a nationwide TV commercial campaign geared towards addressing public doubts about self-driving cars as well as establishing itself amid stiff competition. Planned to air Friday on Fox’s FIFA World Cup, the ads focus on experience and safety, not technology. CMO Suzanne Philion noted that the campaign aims to show empathy by highlighting the human element behind the robotics. He stated:

“Many people have a healthy skepticism in the era of AI. I think it was a moment for us to showcase the humans behind the robots at Waymo, to showcase empathy.”

This nationwide marketing push comes after Waymo’s already existing local presence in the country, where it provides more than 500,000 trips each week in 11 metropolitan areas. Citing peer-reviewed research, Waymo highlights that the self-driving fleet is involved in 80% fewer injury-causing collisions than people driving in those same urban areas.

However, the company faces intensifying competition from rivals such as Tesla, Uber, Hyundai, and Amazon’s Zoox. The self-driving technology also continues to receive harsh criticism owing to its traffic jams and pedestrian accidents. The multimedia campaign will also utilize digital ads and billboards to gauge consumer demand in unserved cities.

Alphabet Inc. (NASDAQ:GOOGL) is a technology conglomerate that provides AI, advertising, cloud, internet, and hardware solutions to users around the globe. Some of its offerings include Android, Google Chrome, Gmail, Google Drive, Maps, Google Photos, and YouTube. The company enables in-app purchases, consumer subscriptions, and subscription-based AI services.