Updated from 11:31 a.m. to include comments from interview.
NEW YORK (TheStreet) -- Intel (INTC) announced its plans for the connected car, bringing a slew of new hardware and software productions, known as Intel In-Vehicle Solutions, to the market. The company, however, is going even further, as it makes investments and helps research to bring the connected car of the future into reality.
Included in the new products being announced are a range of compute modules, an integrated software stack of operating system plus middleware, and development kits. The world's largest chipmaker said that it expects its standardized platform approach will shorten development time by more than 12 months and reduce costs up to 50%.
The first available products are designed for in-vehicle infotainment (IVI) systems with advanced driver assistance capabilities, with future products geared for advanced driving experiences such as autonomous or self-driving cars.
The Santa Clara, Calif.-based company started breaking out recently revenue for its Internet of Things group, where the connected car will fall under. The segment achieved revenue of $482 million in the first quarter, up 32% year over year, due in large part for strong demand for IVI systems.
"To further strengthen Intel's technology partnership with the automotive industry and prepare for the future, we are combining our breadth of experience in consumer electronics and enterprise IT with a holistic automotive investment across product development, industry partnerships and groundbreaking research efforts," said Doug Davis, corporate vice president of Intel's Internet of Things Group, in a press release. "Our goal is to fuel the evolution from convenience features available in the car today to enhanced safety features of tomorrow and eventually self-driving capabilities."