Could Evolution of Intelligent Machines Change the Auto Industry?
In the last few years, the auto industry (XLY) has witnessed some phenomenal changes and seen some new emerging trends. Whether it’s about autonomous vehicles or electric vehicles, technological advancement has changed the way traditional automakers used to operate. Today, investors are paying more attention to auto companies’ innovation and future growth potential rather than just looking at their sales and market share figures. Tesla (TSLA) is certainly a good example of that.
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Race to develop autonomous vehicles
Tesla is not the first company to offer attractive electric vehicles, but it certainly played a crucial role in making electric vehicles go mainstream. Similarly, the involvement of tech companies like Google (GOOGL) (GOOG), Intel (INTC), and NVIDIA (NVDA) in developing technology for driverless cars has sped up the development of autonomous vehicles.
Autonomous vehicles are built by integrating multiple aspects of technology including hardware and supporting software. It’s very difficult for one company to build all the hardware and software required for driverless cars in-house, which is why there’s a huge scope for new tech start-ups to come up with innovative solutions to improve a particular aspect of autonomous vehicles.
According to a report by Comet Labs published in May 2017, there are about 263 companies in the field, many of which are start-up firms working on different aspects of autonomous vehicles including artificial intelligence. This race is likely to intensify further in the future, which could change the way we look at the auto industry today.
In this series, we’ll take a look at recent developments in the field of autonomous vehicles. Plus, we’ll take a close look at various aspects related to self-driving car technology and what automakers are doing in this regard.