GoPro cameras are already used in everything from extreme sports to weddings to aerial photography to the Supreme Court. The action camera maker has just found a new market. Japanese auto giant Toyota has teamed up with GoPro for its redesigned Tacoma pickup truck. Toyota will launch its new 2016 Tacoma this fall.
A big win for GoPro
Toyota Tacoma dominated the U.S. small pickup market for years, with 60% market share in the segment last year. However, General Motors’ Chevrolet Colorado and Canyon have started eating into Tacoma’s market share. Chevrolet Colorado was named the truck of the year by Motor Trend magazine. Toyota is borrowing some cool factor from GoPro in an attempt to defend its market share, reports Craig Trudell of Bloomberg.
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The new Tacoma will come with a GoPro camera mount as a standard feature. It is a big win for GoPro as Japanese companies like Sony and Panasonic are still struggling to gain a foothold in the action camera market. Financial terms of the deal were not disclosed. The automaker clarified that buyers will still have to pay for their own camera. Tacoma’s chief engineer Michael Sweers told Bloomberg that Toyota has seen an “explosion” of pickup owners using GoPro cameras mounted on the windshield of their trucks or suction-cupped to the sides.
Barclays turns bullish on GoPro
Toyota chose GoPro because of its popularity and the prevalence of its videos on social media. On Tuesday, GoPro shares rallied as much as 7.3% after Barclays upgraded the stock from Equal weight to Overweight rating and upped its price objective from $50 to $65. The research firm also increased its 2016 revenue and EPS estimates.
Barclays analyst Joseph Wolf said GoPro’s recent hires, new products, solid execution and continued brand strength had turned “our skepticism into optimism.” The research firm expects GoPro to generate $2.4 billion revenue in 2016, up from the previous projection of $1.9 billion. It has also revised its EPS estimate from $1.26 to $2.03.
GoPro shares rose 0.22% to $55.09 at 9:58 AM EDT on Wednesday.