The global car industry is spending more on research and development than ever before as manufacturers try to stay ahead of a rapidly shifting market and fierce competition from the technology industry.
Investment in new technologies to make cars more efficient, more interactive, run on new fuels and even begin to drive themselves is growing faster than sales and revenue.
R&D spending by the car industry has grown at an annual rate of 8 per cent over the past four years, eight times the rate of increase between 2001 and 2012, according to research by the Boston Consulting Group.
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