Volvo Car Group has agreed a $300 million alliance with Uber to develop self-driving cars, the latest move by traditional vehicle manufacturers to team up with Silicon Valley firms seen as threats to their industry.
The partnership will allow the Swedish-based carmaker, owned by China’s Geely, and ride-hailing service Uber to pool resources into initially developing the autonomous driving capabilities of its flagship XC90 SUV model. The investment will be shared roughly equally by the two companies.
