Uber Advanced Technologies Group is back on the streets of San Francisco to perform autonomous vehicle testing, per a Tech Crunch report. This comes after the ridesharing company had to scale back its testing efforts due to a fatal crash in Arizona that killed a pedestrian.
Per the Tech Crunch report, Uber ATG “will initially limit testing in San Francisco to a few weeks with two Volvo XC90 vehicles equipped with Uber’s self-driving system. Testing on public roads started Tuesday and will only be conducted during daylight hours, according to Uber. Each vehicle will be staffed by a safety driver.”
“We are excited to resume autonomous testing in Uber’s home city this week. Our testing area will be limited in scope to start, but we look forward to scaling up our efforts in the months ahead and learning from the difficult but informative road conditions that the Bay Area has to offer,” an Uber spokesperson said in an emailed statement.
Investors looking to get in on the self-autonomous driving space can look at the Global X Autonomous & Electric Vehicles ETF (NYSEArca: DRIV). DRIV seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Autonomous & Electric Vehicles Index.
DRIV provides:
- High Growth Potential: DRIV enables investors to access high growth potential through companies critical to the development of autonomous and electric vehicles – a potentially transformative economic innovation.
- Unconstrained Approach: DRIV’s composition transcends the classic sector, industry, and geographic classifications by tracking an emerging technological theme.
- ETF Efficiency: In a single trade, DRIV delivers access to dozens of companies with high exposure to the autonomous and electric vehicles theme.
A Broad Disruptive ETF Play
For a broad market play on disruption, investors can look at the ARK Autonomous Technology & Robotics ETF (NYSEARCA: ARKQ). ARKQ seeks to provide investors with:
- Exposure to Innovation: Aims for thematic multi-cap exposure to innovation across sectors. ARK believes the securities held in ARKK present the best risk-reward opportunities from ARK’s innovation-based themes.
- Growth Potential: Aims to capture long-term alpha+ with low correlation of relative returns to traditional growth strategies and negative correlation to value strategies.
- Diversification: Offers a tool for diversification due to little overlap with traditional indices. It can be a complement to traditional value/growth strategies.
- Research: Combines top-down and bottom-up research in its portfolio management to identify innovative companies and convergence across markets.
- Cost-Effectiveness: Provides a lower-cost alternative to mutual funds with true active management in an Exchange Traded Fund (ETF) that invests in rapidly moving themes.
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