NEW YORK (TheStreet) -- Shares of Ford Motor Co. (F) are climbing 1.12% to $15.30 after the company said that it is moving the development of its self-driving cars to its advanced engineering operations from the Palo-Alto research lab, Bloomberg reports.
This move is an important step toward bringing a model to market, said Raj Nair, group VP of global product development.
"For us, autonomous vehicles are about making the technology accessible to everyone, just as Henry Ford did with the automobile a century ago," Nair stated.
The automobile manufacturer did not say when self-driving cars will be on the market but CEO Mark Fields mentioned the auto industry will have a fully autonomous car on the road by 2020, Bloomberg noted.
As automakers are competing to develop self-driving cars, the market for autonomous technology is expected to grow to $42 billion by 2025, with self-driving cars accounting for a quarter of global auto sales by 2035, according to Boston Consulting Group, Bloomberg said.
Separately, TheStreet Ratings team rates FORD MOTOR CO 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 some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. Among the primary strengths of the company is its generally strong cash flow from operations. We feel its strengths outweigh the fact that the company has had lackluster performance in the stock itself."