These 2 Stock Market EV and Self-Driving Favorites Soared Today

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Wall Street had another topsy-turvy day on Thursday, with major market benchmarks staying relatively close to the unchanged mark. The Dow Jones Industrial Average (DJINDICES:^DJI) wasn’t able to poke its way back into positive territory after a midday swoon, but the S&P 500 (SNPINDEX:^GSPC) and Nasdaq Composite (NASDAQINDEX:^IXIC) moved modestly higher on the day.

Index

Percentage Change

Point Change

Dow

(0.02%)

(7)

S&P 500

+0.17%

+7

Nasdaq Composite

+0.38%

+53

Data source: Yahoo! Finance.

Investors lately have been looking seriously at innovation in the automotive industry in areas that include autonomous driving and electric-battery technology. Those favorable trends sent shares of MicroVision (NASDAQ:MVIS) and Hyliion Holdings (NYSE:HYLN) sharply higher, as shareholders saw developments that pointed toward continued progress in their respective efforts.

MicroVision senses a possible win

Shares of MicroVision were up 31% on Thursday. The maker of technology for potential use in autonomous driving made an announcement that got investors’ attention late Wednesday afternoon.

MicroVision reported that it has gathered together the components and equipment it needs to reach its next milestone for its planned long-range lidar sensor. Having spent two years developing the sensor, MicroVision believes that the finished product will achieve the standards that automakers will set for their autonomous driving systems in terms of safety and useful features.

Image source: Getty Images.

CEO Sumit Sharma gave some details on what the system will be able to achieve: MicroVision’s lidar should have a range of at least 250 meters, with better resolution than other lidar options. The system will also be able to measure relative velocity with output coming at 30 cycles per second. Moreover, the company sees the system being relatively affordable, with the potential cost coming in below $1,000 once production reaches scale.

MicroVision has been a largely speculative stock and has taken off lately on hopes for autonomous-driving applications. MicroVision shareholders need the lidar system to work and work well in order to justify recent gains.

Hyliion charges up

Meanwhile, shares of Hyliion were up 32% on the day. The electric-vehicle battery-technology company announced a new breakthrough that could help bring EVs closer to achieving top performance.

Hyliion introduced a next-generation battery module which incorporates battery cells from Toshiba that should help extend battery life, produce longer sustained power output, speed up charging rates, and improve safety considerations. The battery company intends to introduce the new module into its Hyliion Hybrid system in its next release.

The Hybrid system is available for installation on many Class 8 commercial trucks, with the intent of helping existing fleets take steps toward cutting emissions and cutting costs. Hyliion also offers EV truck solutions on a fully electric powertrain. Hyliion’s fuel-agnostic approach distinguishes it from some of its peers in the industry and offers a level of flexibility that’s appealing to many.

Electric vehicles are the wave of the future, and the trend toward greater EV use shows no signs of slowing down anytime soon. In the long run, it’ll be companies like Hyliion that help bring about the innovations necessary to make EVs as commonplace as internal combustion engines are right now.

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