Intel’s chief executive has confirmed that the computer chip company will invest over $250 million in developing autonomous vehicle technologies over the coming two years.
Brian Krzanich confirmed the news while making his keynote address at the Los Angeles Auto Show’s AutoMobility conference, with the company set to focus on connectivity, communication, context awareness, deep learning, security and safety.
Krzanich added that the industry needs to prepared itself for the moment when autonomous cars will generate more than 4,000 gigabytes of data daily. Intel believes self-driving vehicles will ultimately save the U.S. economy $121 billion a year in wasted time and fuel.
So far, Intel has developed a platform for Advanced Driver Assisted Systems and Software Defined Cockpits based around the company’s Atom and Xeon processors. These processes have capabilities in vision processing, 5G connectivity, machine learning and security.
Although Intel isn’t known for its work in the auto industry, it says it has booked over $1 billion worth of contracts in the past 12 months with brands such as BMW, Daimler, Kia, Lexus, Jaguar, Rolls-Royce, Toyota, Tesla, Hyundai and more.
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