General Motors announced Thursday that it plans on joining the self-driving car game with the unveiling of its own autonomous vehicle next year.

The goal for the Detroit-based automaker will be to install driverless technology in its Chevrolet Volts and have them driving around its tech campus by late 2016, according to The Washington Post. The project is part of GM's plan to remain a key player in the auto industry as technology continues to evolve.

"Some might find this massive change to be daunting, but we look at it and see the opportunity to be a disruptor," GM CEO Mary Barra said.

The company will work with Israeli software specialist Mobileye and other companies to develop the autonomous technology, and it will cover manufacturing and administration expenses through a three-year cost-cutting plan, BBC News reported.

GM said that it plans on using its leadership in the auto industry in order to stay ahead of other companies that are working on artificial intelligence capable of predict driving decisions and weather conditions.

"No one has solved all the technologic challenges," said Mike Abelson, vice president for program management at GM.

Competitors that GM will have to contend with in the self-driving race include Tesla and Google, the later of which currently has 48 autonomous vehicles testing on public roads in two states, The Washington Post reported.

In addition to announcing its self-driving car project, GM revealed Thursday that it developing a ride-sharing service, having launched two limited pilot programs in New York and Frankfurt to test apps and different ways to share cars, according to BBC News.

The company intends on starting a city-wide program for the service in the U.S. next year, although the name of the city where it will take place has yet to be revealed. GM will have to contend with Uber, Lyft, Daimler's Car2Go and other ride-sharing services once it enters this field.

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