Apple confirms it is developing self-driving technology to rival Uber and Google

Apple Inc. (NASDAQ:AAPL) has joined the race with Google and Uber to release the first driverless vehicles into the market, chief executive Tim Cook has confirmed.

Cook said the iPhone maker is developing self-driving technology that he sees as the “mother of all artificial intelligence projects”.

“We’re focusing on autonomous systems,” Cook told Bloomberg. “It’s a core technology that we view as very important.”

Shares in Apple rose 1.09% to US$145.42 in early US trading. 

Rumours that Apple was working on autonomous driving have been circulating for a while after vehicles fitted with driverless technology were spotted at the company’s headquarters in California.

Apple last year started developing the self-driving software that would feature in other vehicles and was granted a permit from the California Department of Motor Vehicles to test the cars in April.

Cook declined to say whether Apple was looking to build its own car. “We’re not really saying from a product point of view what we will do,” he said.

Apple competes with Google and Uber in developing driverless technology

Google and Uber are also working to develop driverless technology but are expected to be years away from becoming available to consumers.

Waymo, a division of Google parent company Alphabet Inc (NASDAQ:GOOGL), unveiled its self-driving prototype in May 2014 and has signed partnerships with Fiat Chrysler Automobiles NV and Lyft to develop the technology.

Uber, which has been testing driverless taxis in Pittsburgh and Arizona, has been embroiled in a lawsuit filed by Waymo on claims it has stolen it technology.

Anthony Levandowski, the former head of Uber’s driverless car unit, was accused of stealing Waymo’s trade secrets when he left Google in 2016.

Last month Uber fired Levandowski for failing to help in the investigation, though it denies any wrongdoing.

Uber landed itself in hot water last year after it tested self-driving taxis in San Francisco without a permit. The company then moved the test to Arizona after California’s Department of Motor Vehicles revoked the registration. It has, however, since received a licence to test the vehicles in California.  

Tesla and Jaguar Land Rover also in the mix…

Meanwhile, Lyft has also partnered with Jaguar Land Rover to deliver autonomous driving. InMotion, a venture capital fund backed by Jaguar Land Rover, yesterday announced a US$25mln investment in the ride-hailing company.

Jaguar Land Rover, Britain’s biggest carmaker, will provide Lyft with a fleet of vehicles to test the technology.

Electric car firm Tesla is also taking steps to develop driverless technology. It has started by making software updates to its existing Model S vehicles, which allow them automatically steer, change lanes, and park on their own.

Others involved in developing the technology include Ford, General Motors, BMW and Volvo. The self-driving vehicle market is estimated to be worth US$6.7trn by 2030, according to McKinsey & Co.

Story by ProactiveInvestors