In recent months, firms working on self-driving vehicles have made significant progress. Google-backed startup Waymo’s test fleet of self-driving cars recently reached 8 million miles driven, and is now covering 25,000 miles a day. As of February, Uber had logged about 50,000 rides with self-driving technology on board. Autopilot-capable Tesla vehicles, while not technically fully autonomous, are now operating in Autopilot mode about 25% of the time. Autonomous capability has increased tremendously in 2017 as data from California’s motor vehicles department showed that the average number of disengagements (incidents when safety drivers had to take the wheel and switch unto manual mode) per 1000km experienced a decline of more than 44%. According to IHS Markit, more than 33 million autonomous vehicles will be sold globally in 2040, a substantial increase from the 51,000 units forecast for the first year of significant volume in 2021. As safety and popularity increases, perhaps the most transformational change that autonomous vehicles present the world with is the decline of individual car ownership via ridesharing . . .

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