The autonomous vehicle (AV) technology and electrification startups promised billions in revenue, but as of 2024, interest has diminished with startups faltering and investment strategies changing.
EV demand softened in 2023, resulting in slower growth than expected, prompting automakers like Ford and GM to adjust their strategies—Ford abandoned an all-electric SUV project.
Toyota's cautious approach of prioritizing gas and hybrid vehicles over EVs now seems prudent as other manufacturers face increasing challenges amidst faltering demand and investment.
The AV sector encountered harsh realities post-hype, revealing the complexities of developing driverless technology and failing business models. Many startups are now seeking consolidation or public-market support.
#electric-vehicles #autonomous-vehicles #startup-challenges #investment-trends #automaker-strategies
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