The company today also announced the opening of a new Automotive Innovation and Product Development Center, to be based in Karlsruhe, Germany.

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"An integrated, global product development team supporting our automotive business units will enable us to make the best use of our global assets and capabilities and accelerate development of the new vehicles our customers prefer, and do so more efficiently, " Mulally said in a statement.

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However, emerging markets continue to be an excellent source of revenue and product development for companies outside of the automotive industry, and Nissan wants to gain from that.

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The companies believe this has the potential to change product development in industries including medical device, consumer electronics, automotive and aerospace.

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Having launched a development platform for real-time analytics applications and a fully integrated ultrasonic signal conditioner for automotive parking distance applications, TI added to its existing industrial portfolio new product development in the LED division last month.

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While Huber knew next to nothing about wireless technology when he took on Project Beacon, he did know that any successful wireless product-development cycle would have to move much, much faster than the usual automotive life cycle.

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