Amid all the disruption and uncertainty created by the coronavirus, there has been one constant: the need for innovation. It's been essential in navigating the current business environment. It's also helped to create a competitive advantage for the products and services that are transforming the movement of people and goods.
At Automotive News, we have also had to adjust and innovate in response to COVID-19. Throughout those efforts, we have never wavered in our commitment to serve as a champion for innovation in the automotive industry. It's something we have been doing for more than 25 years through our PACE Awards for automotive suppliers, and we have no plans to stop now. In fact, our objective is to grow the PACE program in 2021.
Exactly where innovation happens within the auto industry is evolving. Product innovation continues to gain speed, as evidenced this year by the advancements in autonomous and electrified technologies. Some automakers, such as Hyundai, have even announced big bets on flying cars.
But the vehicle is just one realm. Industry 4.0 technologies, for example, are changing everything from the plant floor to customer engagement. Cloud computing, 5G, artificial intelligence and cognitive and advanced analytics are changing how companies operate and transforming how they connect with business partners and consumers.
And it's all being driven by traditional and nontraditional suppliers alike.