FIRST AIRED: October 27, 2017

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Transcript

00:00:01
>> When
INAUDIBL
] keeping his eye on the road, his company recently got its license to test self-driving cars in California. And has setup shop in Shanghai to deliver the first partially automated systems to Chinese automakers by 2020.
00:00:20
>> With a $10 million investment from a China-based company and the world's largest auto market as the target,
00:00:41
Globally the competition is even more intense with over 240 companies racing to get ahead. Reuters correspondent Paul Lienert.>> Interest in self-driving cars really took off last year. After General Motors bought a small San Francisco startup called Cruise Automation for a reported $1 billion. But don't expect a revolution in transportation any time soon.
00:01:05
Investors say most of these startups have Yet to demonstrate a clear path to profit.>> In fact, total funding of self-driving startups has barely topped $5 billion, according to data gathered by Reuters. And only 7 of the top 30 self-driving startups have received later stage funding.>> It's hard to say just how much money is being poured into this technology.
00:01:26
Google and its sister company Wemo have been working on the technology for years. But the parent company Alphabet doesn't say how much money it spent on self-driving cars. It's believed to be in the billions. Meanwhile, big corporate investors including Samsung, Intel and Dell have funded five of the six most valuable start-ups.
00:01:45
Unicorn's evaluations of more than $1 billion.>> For now,