- In the past decade, there has been no shortage of optimism from automakers and tech companies like Uber and Lyft over two major emerging technologies: autonomous and electric vehicles.
- After years of hype, companies in the space will look to deliver on ambitious promises in the 2020s.
- A report by AlixPartners earlier this year estimated the industry’s spending on autonomous driving and electric vehicles will reach a cumulative $85 billion by 2025 and $225 billion by 2023, respectively.
In October 2016, Tesla CEO Elon Musk made a bold promise: One of the company’s vehicle’s would drive itself from Los Angeles to New York by the end of 2017 in what he dubbed a demonstration of “full autonomy.”
The trip, which received international attention, was announced in conjunction with Tesla disclosing all of its vehicles were being equipped with “full self-driving hardware” that would “be substantially safer than a human driver.” The company had previously spent a year testing the new hardware.
But the trip never happened and now – more than three years later – Tesla’s vehicles with its Autopilot driver-assist system still require driver monitoring. The system has also been criticized for allowing for driver misuse and its role questioned in at least three fatal crashes.
Link to CNBC