Here's what could be powering the Telstra Corporation Ltd (ASX: TLS) share price today.
The telco giant prides itself as a barometer of innovation. The telecommunications behemoth has looked to continue this inclination with its recent partnership.
Let's take a look at what's new with Telstra.
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Telstra to help launch flying car series
The Telstra share price could be poised to benefit from the company's recent initiative.
The telco giant announced today its technology services business Telstra Purple will help launch an electric vehicle racing series.
Telstra's services arm revealed a 12-month communications partnership with Adelaide-based manufacturing business Alauda.
Although Telstra won't be participating in manufacturing, the telco will provide vehicle to vehicle and vehicle to infrastructure communications.
In a statement released earlier today, Telstra noted;
Telstra Purple will deliver the near real-time virtual race-control system required for the high-speed, close format, multi-vehicle circuit racing in the Airspeeder EXA series.
The premise of the EXA series is to complete a "Formula One–style" series of races in order to promote electric flying vehicles.
Alauda's Airspeeder Mk3, which are four metre long multicopters, will be remotely piloted as part of the world's first racing series for electric flying cars
In addition to vehicle to vehicle communication, Telstra is also looking to leverage its 5G network for spectators through augmented and virtual reality devices.
What else has been happening with Telstra?
The Telstra share price has also received attention from factors closer to home.
Since the start of 2021, shares in the telco giant have surged more than 30%.
By comparison, the S&P/ASX 200 Index (ASX: XJO) has only managed to claw 10.5% higher for the year to date.
Telstra shares have been propelled by several catalysts.
In late June, Telstra announced that it will be selling its mobile towers infrastructure business.
The telco expects to receive $2.8 billion after transaction costs with completion of the acquisition expected in Q1 of FY22.
In addition, the Telstra share price has also been buoyed by strong earnings for FY21 and positive broker sentiment.
Most recently, investment bank Goldman Sachs rated Telstra shares as a buy with a 12-month share price target of $4.40 a share.
At the time of writing, the Telstra share price is trading slightly higher for the day at around $3.95.
