BMW is shifting its focus to electric and autonomous vehicles

BMW is the newest motor company shifting its focus to electric and autonomous car technology, the Associated Press reports. After receiving a revenue boost from U.S. tax cuts, Chief Financial Officer Nicolas Peter said the company will allocate an "increasing amount" of revenue to research and development for the new technologies.

Why it matters: While BMW's interest in autonomous and electric vehicles isn't new, the announcement comes on the heels of a pedestrian being struck and killed by a self-driving Uber car earlier this week.