Volvo Cars, the global premium car maker, and Autoliv Inc (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, have signed a letter of intent to set up a new jointly-owned company to develop next generation autonomous driving software.
The planned new company will have its headquarters in Gothenburg, Sweden, and an initial workforce taken from both companies of around 200, increasing to over 600 in the medium term. The company is expected to start operations in the beginning of 2017.
The joint venture will create a new entrant in the growing global market for autonomous driving software systems. It marks the first time a leading premium car maker has joined forces with a tier one supplier to develop new ADAS and AD technologies.
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