Avis stock is soaring after partnering with Google's self-driving vehicle company

Avis stock is soaring after partnering with Google's self-driving vehicle company

Avis stock is soaring after partnering with Google's self-driving vehicle company

The partnership aims to support Waymo's ever-growing fleet of autonomous vehicles and its early rider program, which has a public trial in Phoenix.

Avis Budget Group has approximately 30,000 employees and is headquartered in Parsippany, N.J. More information is available at www.avisbudgetgroup.com.

The companies announced a multi-year agreement Monday in which Avis will store and service Waymo's 600-vehicle fleet of Chrysler self-driving vans at select rental facilities.

The Avis deal is the first publicly disclosed self-driving vehicle partnership in the rental business, an industry that's expected to be among the first customers once self-driving cars hit the road.

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Avis will provide services like secure parking, cleaning, oil changes and tire rotations at is locations as part of the agreement.

'With members of the public using our growing fleet of self-driving cars, our vehicles need standard maintenance and cleaning so they're ready for our riders at any time of the day or night, ' said John Krafcik, chief executive officer, Waymo.

Larry De Shon, president and CEO of Avis Budget Group, said the arrangement allows Avis to accelerate its "knowledge and hands-on experience in an emerging area".

For the past year, Alphabet has been working with Chrysler to modify Pacifica Hybrid minivans and integrate Waymo's self-driving systems.

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Waymo is the autonomous auto technology subsidiary of Alphabet, the company formerly known as Google. Waymo's test is an effort to understand where regular people want to go with self-driving cars, and how they interact with them.

'It's coming our way.

'This just demonstrates that we can extend our business into fleet-management-as-a-service'.

Shares of Avis bounced more than 18 percent immediately after the news, and were up more than 12.5 percent mid-morning.

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Technology stocks were the lone industry sector in the red today, with shares of tech companies in the S&P 500 sinking about 0.4% this afternoon.

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