CAT and others (hyundai, hitachi, john deere, kubota, komatsu, etc) are already exploring this sort of automation (and have been for at least a decade).
This isn't somehow a new industry because some Waymo engineers decided to make a company.
This isn't somehow a new industry because some Waymo engineers decided to make a company.
This may be an instance of companies not having enough capital or talent to fend off new entrants.
Talent will flock to the new and exciting. The place where they can get the bigger exit and work with the coolest people.
A newcomer in the heavy equipment space will have similar challenges and advantages. Funny enough, a lot of heavy equipment works very similar to cars with their CAN (and other) Buses for control and feedback.
Yes, Tesla was valued more for potential growth. But it was also the kind of potential growth that I'm not sure is viable outside of consumer spaces.