Why Automakers Are Betting Big on Startups in 2024

On August 2, 2024, major automakers are investing heavily in innovative technologies. General Motors invested $850 million into Cruise to revitalize its self-driving program, while South Korea's 42dot secured $183 million, focusing on AI for autonomous vehicles with backing from Hyundai and Kia Motors. The automotive sector has collectively invested $2.8 billion in startups in 2024. Focus areas include not just autonomy but sustainability: Lilac Solutions raised $145 million for lithium extraction technologies, and Ineratec secured $129 million to develop eco-friendly liquid fuels from CO₂ and hydrogen, with Honda's support. Toyota led the way, participating in ten startup financings, followed by General Motors and BMW. Despite challenges with rising rates and electric vehicle transitions, these investments show a commitment to advancing in autonomous driving and sustainable EV development.

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