Facebook is into cars but has no plans to build one
Facebook wants to work with automakers on techy subjects like artificial intelligence (AI), bringing them “up to speed.” The company’s chief operating officer, Sheryl Sandberg, recently spoke at the Frankfurt car show, saying: “We come with very good news – we’re the only company in Silicon Valley that’s not building a car. We have a lot to learn from you. We don’t have your history, we don’t have your staying power, even though we aspire to make it to 100 years.”
Facebook’s share price has risen by 49% so far this year
SOURCE: Yahoo Finance
As vehicles get “smarter” – being packed with chips, connecting to the internet, and approaching a self-driving stage – the gap between traditional automakers and technology companies is closing. Google, Baidu, Apple, and other big names from the tech world are all developing their own cars – and many carmakers are working with them to create the vehicles we will be driving in 5, 10 or 15 years.
Facebook’s interests a step away. The company has no plans of its own to build a vehicle, but understandably wants to plough its digital savvy into what will be a huge industry. In an effort to do so, it’s investing in Munich-based Mobility Hub. This is an innovation platform with support from some of the automotive industry’s biggest names, like Daimler and BMW. Sandberg said it is “an honour for us to invest and partner in Germany.”
Dominion holds Facebook in its Global Trends Ecommerce Fund.
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