America’s largest automaker General Motors is in a race to close the gap in the electric vehicle sector and catch up to the likes of Tesla. For this reason, the company announced that it is raising its spending on electric and autonomous vehicles to $35 billion through 2025. This latest development represents a 30% increase from its 2020 plans…
The autonomous vehicle industry should expect more competition after Google sibling company Waymo announced earlier today that it had raised $2.5 billion in the latest funding round. The funds would be used to advance its autonomous driving technology and grow its team.
The self-driving car industry has struggled to hit the ground running as adoption has been low so far. However, Waymo expects to turn things around and achieve the desired growth.