Hugh Nguyen, Partner, Automotive Technology & Mobility, KPMG joined Grayson Brulte on The Road to Autonomy podcast to discuss the emerging wave of autonomous vehicle partnerships, the hidden value in fleet operations, and the coming M&A consolidation that will reshape the industry.

As the autonomous vehicle ecosystem accelerates through a phase of rapid partnership formation, the real value lies “below the line” with fleet operations, depot management, safety protocols, and operational expertise that rarely makes headlines. 

While the market fixates on vehicle counts and technology partnerships, the proprietary knowledge of how to actually deploy and scale robotaxi operations at profitable unit economics represents the true competitive moat. Hugh predicts the next 18-24 months will see continued partnership proliferation across global markets, followed by strategic consolidation driven not by headline M&A deals, but by precision talent acquisition and operational capability roll-ups. 

The winners will be those who control fleet operations, understand regulatory navigation, and can scale profitably. Capabilities that are increasingly attracting investor interest as the industry matures beyond the cult of the founder and towards operational excellence.

Episode Chapters

0:00 KPMG's Thoughts on Autonomous Vehicles

6:04 Autonomous Vehicle Partnerships

15:31 Emerging M&A Activity

23:48 What Happens When a Partnership Doesn't Work?

25:47 Autonomous Vehicle Fleet Management

31:45 Autonomous Vehicle Asset Rollup

40:10 The "Passport" Model

47:17 Cult of The Founder

48:54 M&A Outlook

Recorded on Thursday, November 6, 2025

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