GMs Cruise values autonomous vehicle industry at $8 trillion

  • The global autonomous vehicle industry is an $8 trillion market opportunity, according to General Motors’ Cruise.
  • That valuation includes ridesharing at $5 trillion; $2 trillion for freight; and $500 billion each for data insights and in-vehicle experiences.
  • Cruise did not disclose when the company plans to launch a commercial autonomous vehicle business.

The global autonomous vehicle industry is an $8 trillion market opportunity, according to General Motors’ autonomous vehicle unit Cruise.

Dan Ammann, CEO of the GM majority-owned autonomous vehicle subsidiary, on Wednesday said that valuation includes autonomous ridesharing services, including Uber and Lyft at a potentially $5 trillion sector; $2 trillion for freight; and $500 billion each for data insights and in-vehicle experiences.

“We’re bringing an extremely disruptive, transformational technology to a multitrillion-dollar market opportunity,” he said during an investor day for GM in New York, which was broadcast online.

Ammann, who previously served as president of GM, and other executives have said the autonomous vehicle industry is a multitrillion-dollar opportunity, however they hadn’t disclosed the specific market valuation.

To “unlock the market opportunity,” Ammann outlined how an autonomous vehicle lowers operating costs for companies that currently use human drivers, like Uber and Lyft, as well as advancements the company has made in bringing down costs related to vehicle production, software development and other factors.

Source: https://www.cnbc.com/2020/02/05/gms-cruise-values-autonomous-vehicle-industry-at-8-trillion.html

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