CBInsights has explored an emerging set of technologies including cybersecurity and Fintech-focused solutions impacting automotive R&D, manufacturing, sales, vehicle use, and the aftermarket.
As noted in the CBInsights report, advancements in AI are “changing the way automakers design, build, sell, and repair vehicles.”
Large language models (LLMs) are enabling new capabilities “with simulation and generative design, empowering humanoid robots, and paving the way for copilots to improve productivity across manufacturing, sales, and the aftermarket.”
With the growing focus on software-defined, electric vehicles, and “as automakers look to build a more digital-forward car buying experience, these technologies are growing increasingly relevant.”
Using the CB Insights technology intelligence platform, CBInsights “analyzed signals such as funding, analyst briefings, business relationships, headcount growth, Mosaic scores, and more to identify 15 high-momentum technologies that auto stakeholders should be watching in 2024.”
Their research report examines the following trends:
- AI and quantum computing are accelerating vehicle development and reducing R&D costs, allowing OEMs to introduce new designs, prototypes, and materials.
- Automotive production will see gains from more sophisticated robotics and automation solutions, laying the groundwork for cost-effective, modular production of next-generation vehicles.
- AI is enabling a more personalized, efficient automotive sales process, with new fintech solutions and engagement tools speeding up the sales cycle and improving accessibility for car buyers.
- Connected vehicle technology is enabling real-time visibility into vehicle health and security, providing OEMs with valuable data to enhance other facets of the value chain and the in-vehicle experience.
- Chatbots and computer vision-led inspection solutions are driving efficiencies in vehicle repair, improving service desk productivity and technician accuracy.
As automakers increasingly move electric, companies such “as EV Life and Tenet are designing fintech products for EV financing.”
These help users access loans “that take into account EV tax credits, rebates, and home charger installation costs.”
These solutions streamline the financing process “for dealerships and customers, making it easier to assess customer creditworthiness, compare multiple financing options, and complete transactions efficiently.”
EV financing firms are also “leveraging solutions like predictive lending to improve their offerings, as highlighted by digging into EV financing business relationships using CBI’s AI-powered Business Relationship Insights tool.”
Automotive cybersecurity technology is central “to securing the emerging class of software-defined vehicles.”
Notably, a number of emerging players such “as Israel-based C2A Security are starting to leverage generative AI to automate security controls and prioritize responses to vulnerabilities.”
C2A is already partnering with Tier 1 suppliers and vendors, “deploying tools to secure connected vehicle software and EV ecosystems including charging stations — as can be gleaned using the CB Insights’ Business Relationship Insights tool to analyze its partnerships.”