Swedish carmaker Volvo has formed a joint-venture partnership with automotive safety group Autoliv (also from Sweden) to develop driving software for autonomous cars.
The joint venture will develop advanced driver assistance systems (ADAS) and autonomous drive (AD) systems for use in future Volvo Cars. The ADAS systems should be ready for market by 2019 with the automated driving technology set to debut in 2021.
The technology from the joint venture, which both companies want to begin operations early next year, would also be sold by Autoliv to carmakers globally, with revenues shared by both companies. Volvo Cars which will directly source the technology from the new company.
Speaking about the joint venture, Volvo Cars Chief Executive Hakan Samuelsson said, "By combining our know-how and resources we will create a world leader in AD software development. This means we can introduce this exciting technology to our customers faster."
Dennis Nobelius, managing director of Volvo Switzerland will be the chief executive of the new joint venture, which is yet to be named.
The headquarters for the company formed by the joint venture will be based out of the Swedish city of Gothenburg, Initially, the new company will have a total of 200 employees drawn from both Volvo and Autoliv which will increase to over 600 in the next two years.