Categories LATEST

Partnerships galore in the world of autonomous vehicles

Autonomous vehicles form an integral part of the future plans of major automobile companies and several carmakers have announced partnerships in order to get ahead of rivals in this race.

The BMW Group and Daimler AG are the latest ones to enter into a strategic partnership for the development of autonomous vehicles. The companies intend to bring the technology to market as early as 2024.

Autonomous vehicle partnerships
(Image Courtesy: Motah/Unsplash)

Another new alliance is between Ford (NYSE: F) and Volkswagen who have reached an outline agreement to share electric and autonomous vehicle technologies, according to a report by Reuters. Further details on this alliance have not been announced. The companies had earlier teamed up for the production of commercial vehicles.

Last month, it was reported that Renault and Nissan signed an agreement to work with Waymo on self-driving vehicles. The alliance, which will bring together Waymo’s technological capabilities and Renault-Nissan’s manufacturing expertise, will initially focus on researching the commercial, legal and regulatory issues surrounding autonomous vehicles.

Also read: Apple plays catch-up in self-drive tech, even as Google makes solid headway

According to a report by Allied Market Research, the global autonomous vehicle market size is estimated to reach a value of $54.23 billion in 2019, and is projected to garner $556.67 billion by 2026, registering a CAGR of 39.5% from 2019 to 2026.

The report has cited automotive sector development, government regulation, high component costs and threats from hackers as some of the factors that could affect the growth of the autonomous vehicle market.

Several other automobile and technology companies are involved in the development of autonomous vehicles, and hence more partnerships and alliances can be expected in this area going forward.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips.

Most Popular

Target Corp posts strong results in Q4: Infographic

Target Corporation (NYSE: TGT) reported fourth-quarter 2020 financial results before the opening bell today. The department store chain reported Q4 revenue of $28.3 billion, up 21% year-over-year and higher than

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top