Tesla CEO Elon Musk has unveiled the Robotaxi
According to media reports, Elon Musk unveiled Tesla’s Cyber Cab at the “We the Robots” event. Scheduled to be released in 2026 and costing under $30,000, the vehicle is designed to provide efficient passenger transportation services while improving safety and reducing operating costs compared to traditional vehicles. Elon Musk said the Cyber Cab will not have a steering wheel or pedals and will use plug-in power and announced plans to upgrade Model 3 and Model Y vehicles in California and Texas to include autonomous driving features.
Autonomous Vehicle Market Size
According to Precedence Research’s Report, the global autonomous vehicle market size was valued at USD 207.38 billion in 2024 and is expected to achieve around USD 2,752.80 billion by 2033, poised to grow at a compound annual growth rate (CAGR) of 33% from 2024 to 2033.
The sales of autonomous vehicles are expected to rise between 2019 and 2030. It is about 1.4 million vehicles with at least level 3 of autonomy were sold globally in the year 2019. It is expected that in 2023 about 58 million of these vehicles will be bought for use globally.
Funding, Grant & Award Programs
| Funding Agency | Grant Amount | Purpose |
| Rural Autonomous Vehicle Research Program | $25 million | Responsible integration of autonomous driving and related technologies in rural communities and tribes for air and ground transportation. |
| U.S. Army Automotive Research Center | $378,000 over three years. | Adaptive and Efficient Sensing for Autonomous Ground Vehicles Operating in High Stochastic Environments with Sensing Uncertainty |
| National Science Foundation (NSF) | $4.25 million five-year grant | Promotes the safety and enhancement of rural traffic to solve social problems in transportation, while accelerating the use of electronic equipment towards full independence. |
| Centre for Connected and Autonomous Vehicles (CCAV) | £18.5m | The research and development (R&D) grants for the autonomous vehicle program are designed to ensure the sector is ready for the Fourth Industrial Revolution and aims to change the way people and transportation operate across the country. |
A recent report from Precedence Research Reveals that North America reached at highest revenue share of over 40.31% in 2023. The U.S. autonomous vehicle market was valued at USD 59.92 billion in 2023.
In December 2023, the U.S. Department of Transportation (USDOT) announced a $25 million grant for rural vehicle research. Aim to integrate automated vehicles and associated technologies for air and surface mobility to rural and tribal communities.
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