Autonomous Cars: This Company Believes it Could Transform the Ridesharing Market with Self-Driving Cars

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The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.

The history of autonomous cars dates back to 1939 when Norman Bel Geddes created the Futurama, a remote-controlled, self-driving, electric car that was powered by electromagnetic fields produced by the circuits embedded in the roadway. 

Most of the world’s population was not around then to witness this great achievement. Most people saw the first prototype of a self-driving car in the 1990 Arnold Schwarzenegger movie “Total Recall.”

Before that movie, the Japanese had made their own self-driving car in 1977 by improving Norman Bel Geddes’ model, though this car could only drive at speeds below 20 mph. Years later, the Germans made their own — a vehicle mounted with cameras that could drive at 56 mph. As technology keeps advancing, self-driving cars are improving their ability to detect obstacles and respond to the environment.

How Autonomous Cars Work

Autonomous cars rely on a number of systems: radar, artificial intelligence, cameras, actuators, sensors, machine learning, neural networks, and intricate algorithms. The car collects data from the surrounding area using sensors and cameras. This data is identified by the neural network and used as the input for the machine learning algorithm.

The neural network uses the data to identify different objects, including other cars, pedestrians, traffic lights, trees, and street signs. Radar sensors monitor the position of nearby vehicles while the video cameras read road signs and detect traffic lights, and people.

All the input is then processed by a software program and the information is sent to the car’s actuator, which regulates the speed, braking system, and steering. Hard-coded instructions and object recognition help the software navigate obstacles and follow traffic rules.

Some of the Players in the Industry

Audi AG, a subsidiary of the Volkswagen Group VWAGY, has been working on developing self-driving cars since 2017. In June 2018, the company made an announcement that it has partnered with autonomous vehicle simulation software provider Cognata Ltd. to accelerate the development of its self-driving cars. A month later, Audi unveiled the new Q3 compact SUV with semi-autonomous driving capabilities. In September, the German automaker revealed the Audi Grand Sphere concept, a model of what luxury autonomous cars might look like. Though the company is yet to release a fully self-driven car, the Grand Sphere concept demonstrates how drivers interact with cars when they do not need to drive.

The electric motor vehicles giant Tesla Inc. TSLA has also shown interest in the development of autonomous vehicles since 2017. Tesla CEO Elon Musk stated in April 2017 that the company would be able to launch a Level 5 autonomous vehicle within the next 2 years. According to its website, Tesla cars come with advanced hardware capable of providing autopilot features and full self-driving capabilities.

General Motors Co. GM is another big contender in the market since it acquired the autonomous car company Cruise LLC. Earlier this year, the company's CEO said she sees the automaker selling self-driving cars by the end of the decade using Cruise technology. Currently, Cruise is developing electric, self-driven cars that will be used to transport people in urban areas while General Motors continues to work on its hands-free, driver-assistance system Super Cruise.

Other Fortune 500 companies have also shown interest in the autonomous car market, including Apple Inc. AAPL, which bought the self-driving car startup Drive.ai. Another company that’s optimistic about the future of autonomous cars is HereYouGo, but instead of manufacturing its own cars, the company wants to create a new type of self-driving public transport.

After watching how ride-sharing companies such as Uber Technologies Inc. UBER have grown over the years, HereYouGo believes as self-driving technology grows quickly, in the future it will disrupt the ride-sharing market. The company is developing a new ride-sharing platform based on autonomous vehicles. HereYouGo claims it has acquired investments from top Silicon Valley investors and has launched a crowdfunding campaign for everyone who believes in its vision to obtain shares. To find out more about the campaign visit: https://www.wefunder.com/hereyougo

Global Ride-Sharing Market

According to Research and Markets, the global ride-sharing market is expected to grow from $85.8 billion in 2021 to more than $180 billion by 2026, at a compound annual growth rate (CAGR) of 16.6%.

The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.