Volvo Cars, Waymo partner to build self-driving vehicles

Three of the fleet of 600 Waymo Chrysler Pacifica Hybrid self-driving vehicles are parked and displayed during a demonstration in Chandler, Arizona, November 29, 2018. REUTERS/Caitlin O’Hara

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, 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 and certain hardware, including cameras, lidar and radar, for the automated “driver.” Volvo will design and manufacture the vehicles. The companies said Waymo will work with Volvo’s global brands, including Polestar and Lynk & Co.

Waymo and Volvo did not say when or where they expect to launch their new ride-hailing vehicle.

Volvo, owned by China’s Zhejiang Geely Holding Group Co, has a separate agreement to deliver vehicles to ride-hailing company Uber Technologies Inc 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. Waymo also is developing technology for self-driving commercial trucks.

Waymo earlier this year raised $3 billion in its first external investment round.

Rival Cruise, majority-owned by General Motors Co, last year unveiled a prototype for an electric, self-driving people carrier called the Cruise Origin.

Waymo said it will continue working with Fiat Chrysler, Jaguar Land Rover [TAMOJL.UL] and the Renault Nissan Mitsubishi Alliance.

Reuters

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

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  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.