Despite General Motors’ recent retreat from its Cruise robotaxi business, the U.S. is on the cusp of a driverless revolution. The autonomous vehicle landscape is changing, and 2024 will be the year of significant commercial feasibility and adoption.
Waymo, the self-driving unit of Alphabet, is leading the charge in this sector after having navigated an initial set of challenges. The self-driving car industry experienced some setbacks over the last ten years, from Uber selling its robotaxi business in 2020 after a fatal accident to Ford’s exit from space in 2022 by divesting Argo.AI. In 2023, Cruise ceased operations after investigations of its collision history and license suspension in California. In conclusion, GM’s withdrawal from Cruise was after an enormous investment of $10 billion.
Waymo and its competitors are shaping self-driving
While Waymo appears to be weathering the storm, competitors include Tesla and Amazon’s Zoox, which are boosting their efforts. The world ride-hailing market would likely surge from about $123 billion in 2024 to $480 billion by 2032; this would be a vast opportunity.
Waymo is doing amazingly well lately. The venture began as a 2009 Google project, but this year the company stated it has had over 4 million paid autonomous rides, up from 700,000 in the past year. The service has been available in Phoenix, San Francisco, and Los Angeles, but the firm said it would add similar services in Austin and Atlanta by next year.
Meanwhile, Tesla has revealed a prototype called Cybercab, to be launched in 2027, and also unveiled its Robovan. Even though it is still at an early stage, Tesla is still developing its autonomous technology, which the company claims future cars will come without steering wheels or pedals in major markets.
Zoox is getting ready to start selling rides in Las Vegas and San Francisco. Its shuttle design is distinct and doesn’t have the usual driving controls. This step speaks to the cutthroat nature of the nascent industry, where firms look to seize enormous market opportunities within regulatory environments and consumer demand.
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