BEIJING, Oct. 19 (Xinhua) -- Market value of the intelligent connected vehicle (ICV) industry in China is expected to exceed 100 billion yuan by 2020, according to Miao Wei, minister of the Industry and Information Technology at world Intelligent Connected Vehicles Conference on Thursday.
With the rapid development of technologies, such as Artificial Intelligence (AI) and Internet of Things (IoT), and their accelerated penetration into other fields, the country has strived to boost the development of the ICVs, said Miao.
China has attached great importance to the development of ICV industry, which will promote technological transformation of the automobile industry and accelerate its upgrading, Miao added.
The ICVs have a bright future, but still faces many challenges, Miao said, adding the ministry will promote the innovation reform for the industry in terms of technology, products, modes and types of operation, and facilitate development and application of the uniform standards. (Edited by Ma Xin, maxin11@xinhua.org)
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