The auto industry sees tremendous potential in artificial intelligence, looking for it to play a role in predicting when vehicles might break down, monitoring driver behavior, providing automated driving assistance and improving customer service.
But as the industry prepares for CES in Las Vegas later this month, gone are the lofty commitments and lightning-speed timelines for promising new technologies such as AI.
High interest rates, tighter capital access and a general impatience among investors and customers have changed things. Expectations for automotive AI have come back down to earth.
"We are now in a reality check environment," said Rashid Galadanci, CEO of Driver Technologies, which makes a dashcam mobile application that monitors the road for hazards and the driver for drowsiness and distraction.
The huge funding days of 2020 and 2021 based on "big, hairy, audacious goals" are gone, he said.