Reuters | Jun 25, 2020 18:15
DETROIT (Reuters) - Waymo and the Volvo Cars Group have agreed to develop a self-driving electric vehicle designed for ride hailing use, as part of a new global partnership, the companies said on Thursday.
Waymo, a unit of Silicon Valley's Alphabet Inc (O:GOOGL), said it will be the exclusive global partner for Volvo Cars for developing self-driving vehicles capable of operating safely without routine driver intervention. Waymo will focus on the artificial intelligence for the software "driver." Volvo will design and manufacture the vehicles. The companies said Waymo will work with Volvo's global brands, including Polestar and Lynk & Co.
Volvo, owned by China's Zhejiang Geely Holding Group Co, has a separate agreement to deliver vehicles to ride hailing company Uber Technologies Inc (N:UBER) that Uber will equip to operate as self-driving vehicles. Volvo Cars is continuing to deliver vehicles to Uber.
Uber's development of self-driving vehicle technology was disrupted after a self-driving Volvo SUV operated by Uber struck and killed a pedestrian in Arizona in 2018. More recently, Uber has been slashing costs and staff to offset revenue lost to the coronavirus pandemic. Chief Executive Dara Khosrowshahi has said Uber is open to using competitors' technology..
The Waymo-Volvo deal marks a return by Waymo to its early goal of rethinking how cars that can pilot themselves should look. Since retiring its Firefly self-driving car in 2017, Waymo has retrofitted its software and sensors into conventional vehicles such as Chrysler Pacifica minivans.
Rival Cruise, majority-owned by General Motors Co (NYSE:GM), last year unveiled a prototype for an electric, self-driving people carrier called the Cruise Origin. (link: https://reut.rs/31mTjiG)
Waymo and Volvo did not say when or where they expect to launch their new ride-hailing vehicle.
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
Get free real time quotes, charts and alerts on stocks, indices, currencies, commodities and bonds. Get free top of the line technical analysis/predictors.
More content, faster quotes and charts, and a smoother experience is available only on the App.