When it comes to Artificial Intelligence’s (AI) impact on the automotive sector, the key focus areas to date have been in the pursuit of innovations in self-driving cars and the improved efficiency of batteries. Whilst there has been progress in both these areas, the rise of the autonomous vehicle and growth of the electric vehicle (EV) market more broadly, has not materialized at the pace many had anticipated, even with the rise of AI.
Tesla’s most recent results and the poster child for the EV revolution shows the challenges the market faces, missing Bloomberg analysts’ average sales estimate by the biggest margin ever. Apple recently announced the abandonment of “Project Titan”, its decade long electric vehicle project, further proof that even one of the world’s most valuable companies cannot pivot into the notoriously competitive automotive sector. The fact that Apple plans to shift the funding towards building AI, is a sign of things to come.
