Brace yourselves! A mega partnership coming from self-driving car companies…

Major automakers that are involved in making autonomous vehicles have formed a group named The Partnership for Transportation Innovation and Opportunity (PTIO). This coalition will work towards advancing the autonomous vehicle technology while improving the quality of life and economic opportunity for all Americans. The members of this group include ride-hailing companies Uber and Lyft, Alphabet’s (GOOGL) self-driving unit Waymo, traditional automakers Ford (F), Daimler and Toyota Motors North America, logistics firm FedEx (FDX) and American Trucking Associations (ATA).

It is feared that technologies like artificial intelligence and autonomous vehicles would result in a workforce reduction. Also, some people fear that total automation is not entirely safe as there are quite some accidents reported which involved autonomous vehicles. On the other hand, AV technology is likely to bring in advantages like opening up new careers, avoiding accidents that are caused by manual errors, increased productivity and lower costs.

Soon, PTIO plans to build data on the implications of autonomous vehicles, collate the know-hows and concerns of various parties that are involved in this industry. It will also create awareness of existing and future career opportunities when the transition happens. In doing so, the group will also discuss these things with the policymakers and various stakeholders at the federal, state and local levels.

Two years back, a similar association was formed by Uber, Lyft, Volvo, Ford and Google, which was chaired by David Strickland, a former administrator of the National Highway Traffic Safety Administration (NHTSA). This association also had plans to work with policymakers to find the right solutions that will facilitate the deployment of self-driving vehicles.

According to Infoholic Research, the worldwide autonomous vehicles market revenue is expected to grow at a CAGR of 39.6% and reach $126.8 billion by 2027. As per Market Research Future’s report, North America holds the lion’s share of worldwide autonomous vehicles market and is expected to reach $24.40 billion by 2027 from $1.42 billion in 2015. With this enormous growth expected in the AV market, PTIO believes in working together with impacted communities, stakeholders, and policymakers and addressing the employment impacts this technology may make.