A vehicular control system includes a camera disposed at a vehicle and having a field of view forward of the vehicle, and includes a radar sensor disposed at the vehicle and sensing forward of the vehicle. Data is wirelessly transmitted from the vehicle to a data cloud. Data is wirelessly received at the vehicle from the data cloud concerning a potential hazard existing forward of the vehicle that has not yet been detected via processing by at a processor of image data captured by the camera and/or radar data captured by the radar sensor. Responsive at least in part to the vehicular control system detecting the potential hazard via processing at the processor of image data captured by the camera and/or radar data captured by the radar sensor, the vehicular control system controls at least one vehicle function of the vehicle to mitigate collision with the potential hazard.