The Technology Arms Race Continues for Detroit Automakers
At a time when vehicle sales are peaking in the lucrative U.S. market, automakers' management teams face the unenviable task of finding new revenue streams. Fortunately for them, the line between Silicon Valley technology companies and Detroit automakers has begun to blur, which is opening up new possibilities for team-ups and acquisitions in areas such as smart mobility and ride sharing.
In the competition on those fronts, both General Motors (NYSE: GM) and Ford Motor Company (NYSE: F) made fresh moves recently. Here are the details of those move, and why they matter.
Earlier this month, Detroit's largest automaker, General Motors, announced it acquired Strobe Inc., a Silicon Valley start-up that's developing advanced lidar sensor systems for self-driving vehicles. The purchase will bootstrap with one of GM's more notable deals in self-driving technology, as Strobe engineers will join the team from previously acquired Cruise Automation to develop next-generation lidar solutions.
Source: Fool.com
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