Bill Ford kicked off the annual event which drew over 4,000 participants from across the automotive and mobility worlds.

Human error is still the primary cause of traffic accidents. Israeli company AutoTalks is therefore enabling cars to "talk" to each other and warn drivers of potential accidents. The company envisions that by 2015 the first cars manufactured with these talking chipsets will be on the market.

More than a century ago, the automotive industry was the first to make use of the assembly line, kick-starting the industrial revolution. Now, Israeli company Stratasys is trying to launch another revolution, by using 3D printing to manufacture cars.

The driverless car is becoming a reality, with power players such as General Motors and Google working on the technology. Israel also has a candidate in the game – Jerusalem-based Mobileye - which is developing a car that can drive itself for a for short periods of time.