Google-parent Alphabet Inc.-owned self-driving start-up Waymo LLC and the Swedish carmaker Volvo Cars Group said in a joint statement on Thursday that the aforementioned companies had reached an accord to roll out a new global partnership which would be developing self-driving vehicles for ride-hailing purpose, pointing towards a stronger footing in a highly competitive autonomous driving industry for both Google’s Waymo LLC.
alongside the Swedish truckmaker. On top of that, Waymo LLC., owned by the Silicon Valley giant Alphabet Inc., had told that the company would be an exclusive global partner for the Swedish heavy vehicle maker for developing autonomous driving vehicles under the terms of the partnership deal unveiled on Thursday.
Aside from that, the companies were also quoted saying on their joint statement that the Alphabet-owned Waymo would focus on the AI-based software and certain hardware such as camera, lidar alongside radar for the automated driver, while the Volvo Cars Group would oversee the design and manufacturing of the vehicles adding Waymo would work alongside Volvo’s global brands such as Lynk & Co.
alongside Polestar. Besides, latest Waymo-Volvo deal came against the backdrop of Waymo’s first external fundraising campaign earlier this year that raised nearly $3 billion from a raft of heavyweight investors likes of Canada Pension Plan Investment Board.
Nonetheless, Volvo and Waymo had not disclosed when or where the companies were planning to unravel their joint venture on self-driving vehicles for ride-hailing purposes.
Waymo-Volvo deal to help Waymo rethink its self-driving cars' design
Apart from that, followed by the announcement of Waymo-Volvo deal on Thursday, several industry analysts were quoted saying that the move would help Waymo reform its approach towards re-designing its self-driving vehicles, since the Alphabet’s self-driving unit had retrofitted its software and hardware to stir up with the conventionally designed autonomous cars following termination of its Firefly self-driving car program back in the 2017s.
In tandem, Waymo had also added that it would continue to work with FCA, Jaguar Land Rover and the Renault-Nissan-Mitsubishi alliance on self-driving technology alongside its recently reached accord to develop self-driving ride-hailing vehicles with Volvo Car Group.