NEW YORK (TheStreet) -- Ford (F) was rising 1.13% to $16.59 on Wednesday after the automaker announced it had partnered with Stanford University and the Massachusetts Institute of Technology to begin research into automated driving technology.
The American carmaker will work with two of the top American universities to look into the "technical challenges" that come with autonomous vehicles, which use automated systems to control certain aspects of driving, according to Reuters.
Ford CEO Mark Fields made the announcement at the opening of the annual Washington Auto Show, at which Ford also showcased its automated Ford Fusion hybrid vehicle.
"In the long term, we see a future of connected cars that communicate with each other and with the world around them to improve safety, reduce traffic congestion and achieve major environmental benefits," Fields said. "It is likely to bring fully autonomous navigation and parking."
TheStreet Ratings team rates Ford as a "buy" with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate FORD MOTOR CO (F) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, increase in stock price during the past year, good cash flow from operations and notable return on equity. We feel these strengths outweigh the fact that the company has had sub par growth in net income."