When it comes to self-driving cars, it is a question of” when” not “if”.
As Morgan Stanley points out, autonomous vehicles could contribute up to $1.3 trillion in annual savings in the US, due to higher productivity (Americans spend an estimated 75 billion hours a year driving), fewer collisions, better fuel consumption and lowered congestion.
Moreover, the technology to implement self-driving cars is already here, and for those wondering about costs, Morgan Stanley estimates that a self-driving feature should add only $10,000 or so to a car’s price; an unbeatable value as Google’s fully autonomous cars have logged hundreds of thousands of miles around California over the last four years, while causing only a slight fender bender.
Companies like Tesla Motors, have already implemented self-driving features in their cars, while promising fully autonomous vehicles in 2 years. Not to be outdone, Ford is tripling its fleet of autonomous testing vehicles to 30, on roads in Arizona, California and Michigan. Across the pond, Volvo has already fielded self-driving cars on Swedish motorways, and the company expects 100 fully autonomous Volvos on the road by 2017, in the world’s first large-scale autonomous drive project. And perhaps in the greatest display of contention to Google, BMW and Chinese search giant Baidu Inc. announced that they will be joining forces to begin testing autonomous 3 Series cars on the crowded streets of Beijing.
It is only a matter of time before fully autonomous vehicles will be on the streets of our cities. Even in the early stages of the game, the technology has tremendous potential and has already seen mass acceptance across the automotive industry.
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