Automakers today, in partnership with the U.S. Chamber of Commerce’s Global Innovation Policy Center, hosted “IP: the Engine of Innovation,” a conference spotlighting the next-generation automotive technologies and the role of intellectual property (IP) standards play in encouraging innovation and entrepreneurship. Getting new, proven, technologies into the marketplace are supported by effective IP policies that help protect consumer safety, encourage innovation, and support good paying jobs across the nation.
“Strong intellectual property rules can protect consumers from potentially dangerous counterfeit products that could pose safety risks to consumers,” said David Schwietert, Interim President and CEO of the Alliance of Automobile Manufacturers. “Additionally, IP protections help to encourage investment in advanced vehicle technologies that are making today’s roads safer,” Schwietert said.
The automotive industry was created by inventors and remains an industry that uses cutting-edge innovation, constant creativity and investments in R&D to produce the next generation of breakthrough technologies.
In 2018 alone, automakers spent more than $125 billion globally on research and development. In fact, the auto industry provides 16 percent of total worldwide R&D funding for all industries and 90 percent of this automotive R&D is generated by the auto industry, with the federal government contributing only 1 percent. Nearly 60,000 people in the U.S. alone are employed in automotive R&D activities.
Furthermore, 3-5 percent of all patents in the U.S. are awarded to auto companies annually, with about 5,000 patents granted each year according to the Center for Automotive Research.
To learn more about the automotive industry, and its contributions to innovation, safety, and jobs visit www.autoalliance.org.