Tech Trends in 2024: AI and Electric Vehicle Partnerships


Generative AI Goes Mainstream in 2023: The year 2023 is set to be remembered as the year that generative AI became widely adopted in various industries. Generative AI systems, which can quickly create content such as computer code, artwork, and essays, have become essential tools in certain professions. Microsoft-backed ChatGPT led the way with its launch in 2022, and other competitors have followed suit. Alphabet, the parent company of Google, recently unveiled Gemini, an AI system that will be integrated into Google products. OpenAI, the creator of ChatGPT, has promised a more powerful version of its software for next year. Investors are also pouring money into the industry, with venture capital firms investing $21.4bn in generative AI start-ups by September 2023, compared to $5.1bn in the whole of 2022. However, some experts warn that there are obstacles to overcome, such as high costs and potential regulatory challenges that could slow down the progress of generative AI.

Electric Vehicle Market Faces Challenges in 2024: While the UK is expected to see the one millionth all-electric car on its roads in the first quarter of 2024, it is anticipated to be a tough year for electric vehicle (EV) manufacturers. Major automakers like Ford, GM, and Tesla have paused their plans to expand EV production due to factors such as a price war and supply chain issues. Analysts predict a stagnant year for EV sales across Europe, with little to no growth in strong markets like Germany and Norway. However, the introduction of the zero emission vehicle (ZEV) mandate in the UK could provide a bright spot for EV sales. From January 2024, over 20% of vehicles sold must be electric, with the target expected to reach 80% by 2030. This could lead to a buyer’s market for EVs, with manufacturers offering financing deals and higher trim levels at no extra cost to meet the ZEV mandate targets.

Humanoid Robots Set to Become More Useful in 2024: Humanoid robots are expected to become more practical and useful in the coming year. Tesla is developing Optimus, a humanoid robot that could perform basic factory jobs. A recent video showcased the latest version of Optimus, which is lighter, equipped with new hands, and powered by new motors. Tesla CEO Elon Musk believes Optimus will be capable of working in a Tesla factory by 2024. Other companies are also making progress in the field of humanoid robots. Amazon is trialing Digit, a humanoid robot that can move and handle items in warehouses. Sanctuary AI in Canada is training its robot, Phoenix, to perform tasks like packing bags, with plans to expand its capabilities in 2024.

Weight-Loss Drug Semaglutide in High Demand: The weight-loss drug semaglutide, marketed as Wegovy, has been selling rapidly and has made its manufacturer, Novo Nordisk, briefly Europe’s most valuable company. Novo Nordisk is investing billions of euros to expand production facilities to meet the high demand for Wegovy. Currently administered as a weekly injection, a tablet version of the drug is nearing completion. Novo Nordisk has not provided a specific timeline for its release. Competitors are also entering the weight-loss market, with Eli Lilly’s drug Mounjaro recently receiving approval in the US and the UK, and Pfizer seeking approval for its weight-loss pill.

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