Toyota and Amazon’s (AMZN) cloud unit, Amazon Web Services (AWS), have announced that they are expanding their global collaboration in respect of Toyota’s Mobility Services Platform (MSPF).
Toyota will use AWS’ services to process and analyze data “to help Toyota engineers develop, deploy, and manage the next generation of data-driven mobility services for driver and passenger safety, security, comfort, and convenience in Toyota’s cloud-connected vehicles.”
The MSPF and its application programming interfaces (API) will enable Toyota to use connected vehicle data to improve vehicle design and development, as well as offer new services such as rideshare, full-service lease, proactive vehicle maintenance notifications and driving behavior-based insurance.
The collaboration now extends to Toyota’s entire enterprise, say the companies, and is part of Toyota’s move toward CASE (Connected, Autonomous/Automated, Shared and Electric) mobility technologies.
On the news Toyota’s Shigeki Tomoyama commented: “Connectivity drives all of the processes of development, production, sales and service in the automotive business. Expanding our agreement with AWS to strengthen our vehicle data platform will be a major advantage for CASE activities within Toyota.”
Meanwhile Andy Jassy, CEO of AWS added: “By running on AWS, with its high performance, functionality, and security, Toyota is able to innovate quickly across its enterprise.”
Shares in Amazon have exploded by over 70% year-to-date, and analysts continue to have a bullish Strong Buy consensus on the stock’s outlook. That’s with 38 recent buy ratings vs just 1 hold rating. Plus the average analyst price target indicates 17% further upside potential lies ahead.
Wells Fargo analyst Brian Fitzgerald recently reiterated his AMZN buy rating with a $3,900 price target. After Amazon reported a stellar 2Q, with revenue of $88.91B (+40% year-over-year), Fitzgerald wrote: “Results were powered by exceptionally strong retail performance and continued solid AWS demand.”
He concluded: “While we acknowledge the exceptional nature of the tailwinds driving near-term results, we expect AMZN share gains will likely ratchet permanently higher as the pandemic drives/ingrains new consumer habits.” (See AMZN stock analysis on TipRanks)
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