IBM, Google Will Help this Company Make Self-Driving Cars
International Business Machines (NYSE:IBM) is partnering with German automotive services company Continental AG (CTTAY.PK) to develop systems for self-driving cars, the companies announced at the Frankfurt Motor Show in Germany on Tuesday.
Elmar Degenhart, Continental AG’s chief executive officer, said that IBM has the technology needed to link cars together and process the large amount of data, but he didn’t talk about the financial details of the partnership, according to Reuters.
Back in July, German newspaper Frankfurter Allgemeine Zeitung reported that Continental was working with Cisco Systems (NASDAQ:CSCO) on self-driving cars. The version of the article seen by Wall St. Cheat Sheet was translated from German to English by Google Translate. In the article, Degenhart said he hoped Continental could make self-driving cars a reality by 2016, and he cited studies of U.S. drivers that said Americans would be willing to pay up to $3,000 extra for a vehicle that had the capability to drive itself. Degenhart believes Continental could create a self-driving system within that price range.