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Financial Times: Can Automakers Catch Up with Google in Driverless Cars?

Can Automakers Catch Up with Google in Driverless Cars?

General Motors celebrated being the world’s largest carmaker for the 76th straight year in 2007. It was sitting on $25 billion in cash. Eighteen months later, it was bankrupt. The automotive industry is among the most capital intensive in the world: If the economy sours, assets turn into liabilities overnight as factories churning out thousands of cars begin to hemorrhage cash. So when toxic mortgage securities blew up in 2008, causing a recession, banks performed terribly — but carmakers fared even worse. (Article originally appeared in Financial Times)