There’s a new entrant into the self-driving car fray.
On Monday, the government of Ontario announced three organizations would take part in a pilot project designed to study the viability of self-driving cars one day making an appearance on the province’s roads.
The three organizations invited to participate were the University of Waterloo, car maker Erwin Hymer Group, and QNX, a software subsidiary of BlackBerry Ltd. (TSX:BB)(NASDAQ:BBRY).
The pilot program will last as long as 10 years, and each self-driving car will have a licensed driver in the driver’s seat at all times, ready to take over if needed.
Unlike fellow tech giants Google and Apple, BlackBerry’s interest in the self-driving car market is not well known. QNX is making decent inroads in the vehicle software department, including recently signing a new agreement to expand its role in designing software for Ford cars and trucks.
The good news for investors is there are a number of ways this can end positively. If BlackBerry becomes a major player in the space, it would be a huge boon to the bottom line. Remember, BlackBerry still struggles to post quarterly profits.
The other good outcome for investors is a possible acquisition. BlackBerry only has a market cap of just over $5 billion. Even after paying a premium, BlackBerry is a relatively small target.
It may take years before self-driving cars are a reality, so there’s no reason for Blackberry investors to really get excited today. Still, it’s better than nothing.
