Carmakers, tech firms team up

Carmakers are teaming up with technology companies to prepare for a future dominated by technologies like electrification, connectivity and autonomous driving.

"The automobile industry is clearly amid its most dramatic period of change," said Akio Toyoda, president of Toyota Motor Corp, in a speech on Jan 9 at the Consumer Electronics Show in Las Vegas.

"Our competitors no longer just make cars. Companies like Google, Apple, and even Facebook are what I think about at night because after all, we didn't start out by making cars either," he said.