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Google Inks Driverless Car Pact With Fiat Chrysler

Alphabet ’s ( GOOGL ) Google and Fiat Chrysler Automobiles ( FCAU ) have inked a deal to collaborate, with Fiat Chrysler putting Google’s self-driving car technology into 100 of its Pacifica minivans, the companies announced Tuesday afternoon. The Google Self-Driving Car Project and FCA called it a first-of-its-kind collaboration  that will expand Google’s existing self-driving test program. This marks the first time that Google has worked directly with an automaker to integrate its self-driving system, including its sensors and software, into a passenger vehicle, the companies said. The Chrysler Pacifica Hybrid minivans will be used later this year for Google’s self-driving testing, more than doubling Google’s current fleet of self-driving test vehicles, according to the press release. The said both companies will co-locate part of their engineering teams at a facility in southeastern Michigan to accelerate the design, testing and manufacturing of the self-driving Chrysler Pacifica.   The agreement, reportedly non-exclusive, had been expected. Speculation over a Google-Fiat Chrysler deal  had surfaced late last month. Google had earlier been in negotiations with General Motors ( GM ), but those talks reportedly stalled. GM has invested in Lyft as part of an alliance that involves autonomous efforts with the ride-hailing service. Other companies in the autonomous car race include Tesla Motors ( TSLA ), Apple ( AAPL ), Toyota ( TM ) and Ford ( F ). Apple has yet to confirm any car plans, though its intentions are seen as an open secret. In April, the company hired Chris Porritt, who had been Tesla’s vice president of vehicle engineering. He will work on Titan, Apple’s car project, say reports. A German newspaper last month said a potential Apple partner is Magna Steyr, the world’s largest contract automaker.

Apple’s Big Losses: Would Tesla Acquisition Stop The Bleeding?

Loading the player… Apple ( AAPL ) is looking to end eight straight sessions of losses in the stock market today . It’s been the stock’s worst losing streak in nearly two decades, sparked by the tech giant’s weak quarterly results, including its first-ever decline in iPhone sales. In those eight days, the stock lost nearly 13% of its value. And in the last 12 sessions, Apple has dropped 16.5%. Apple shares are rising 1.5% in above-average volume Tuesday. In Monday’s session, the stock came within 40 cents of its August low in intraday trade before paring its losses. Apple is now 28% below its 52-week high. Apple CEO Tim Cook appeared on CNBC’s “Mad Money” Monday evening to try to stop the bleeding. Cook briefly talked about the company’s acquisitive nature. But the company has not made a big acquisition in a while. Some experts say Apple should buy Tesla Motors ( TSLA ), as it continues to invest more in its top-secret car project, dubbed Project Titan. Tesla Motors reports quarterly results after the close on Wednesday. Analysts expect the luxury electric car maker’s per-share loss to widen to 57 cents, amid production and Gigafactory investments. Revenue is projected to jump 45% to nearly $1.6 billion. That marks a third straight quarter of faster top-line growth as it ramps up production of the Model X crossover. Tesla is dropping 2.3% in above-average trade and is nearing its 50-day and 200-day lines. Tesla is back below a 239.98 buy point it initially cleared several weeks ago, and is trading 17% below its 52-week high. Meanwhile, Alphabet ( GOOGL )-owned Google and Fiat Chrysler ( FCAU ) are planning several dozen self-driving prototypes in the first phase of a joint effort to create autonomous cars, according to Bloomberg, following similar reports last week. Alphabet is trading below its 200-day line in the wake of a disappointing earnings reports. Alphabet is 12% below its February high, falling fractionally Tuesday. Fiat Chrysler, which reported U.S. April sales on Tuesday, slid 2.4% intraday.

Google Seen Closer To Driverless Car Pact With Fiat Chrysler

Alphabet ’s ( GOOGL ) Google and Fiat Chrysler Automobiles ( FCAU ) are moving closer to a non-exclusive pact to develop self-driving cars, says a Bloomberg report. Google and Fiat Chrysler initially plan to develop self-driving prototypes based on the carmaker’s Pacifica minivan, the report  said. Speculation over a Google-Fiat Chrysler deal  had surfaced late last month. Google and Fiat Chrysler would both be free to cooperate in driverless technology with other partners despite their pending pact. Google had earlier been in negotiations with General Motors ( GM ), but those talks reportedly stalled. GM has invested in Lyft as part of an alliance that involves autonomous efforts with the ride-hailing service. Other companies in the autonomous car race include Tesla Motors ( TSLA ), Apple ( AAPL ), Toyota ( TM ) and Ford ( F ). Apple has yet to confirm any car plans, though its intentions are seen as an open secret. In April, the company hired Chris Porritt, who had been Tesla’s vice president of vehicle engineering. He will work on Titan, Apple’s car project, say reports. A German newspaper last month said a potential Apple partner is Magna Steyr, the world’s largest contract automaker.