Teledriving car-share company Vay collaborated with Verizon Communications Inc (NYSE:VZ) to integrate Verizon 5G connectivity into Vay's fleet of teleoperated electric vehicles.

The deal also includes custom data plans to help manage data generated by Vay vehicles' sensors and cameras.

"Verizon's technology has been critical for Vay's entry into the U.S. market from Europe, and we look forward to continuing our relationship with them as we expand our commercial and B2B businesses," said Thomas von der Ohe, Vay co-founder and CEO.

Also Read: T-Mobile To Raise $2.5B Via Debt For Buybacks and Growth

Vay currently operates its commercial service in Las Vegas. Users can order an electric car via the Vay app and have it delivered to them by a Vay teledriver.

When the trip is complete, after the user exits the vehicle, a Vay teledriver remotely drives it to the next customer.

The move reflects Verizon's attempts to unlock value as telecom companies are resorting to cost-cutting initiatives upon lackluster quarter results.

Verizon recently disclosed an expected severance charge of $1.7 billion—$1.9 billion in the third quarter under its voluntary separation plan. In September, Verizon also planned to discontinue certain real estate assets and exit non-strategic portions of certain businesses.

Verizon reported a second-quarter topline growth of 0.6% to $32.8 billion, missing the analyst consensus of $33.1 billion. The company ended the quarter with 11.5 million broadband subscribers, up 17.2%.

Verizon Communications stock is up close to 34% in the last 12 months. Investors can gain exposure to the stock through Invesco Dow Jones Industrial Average Dividend ETF (NYSE:DJD) and SPDR Series Trust SPDR Portfolio S&P Sector Neutral Dividend ETF (NYSE:SPDG).

Price action: VZ stock is up 1.03% at $44.72 at the last check on Tuesday.

Also Read:

• Verizon To Acquire Frontier In $20B Deal, Reaffirms FY24 Outlook

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