Volvo and Nvidia Partner on Autonomous Trucks
Swedish car manufacturer Volvo and U.S. tech company Nvidia have partnered to develop self-driving trucks, Business Insider reports June 21.
According to Business Insider, the companies will focus on use cases in public transportation, cargo trucks and construction.
Nvidia's Drive — a development platform for autonomous cars — will serve as the basis for the companies' joint efforts.
The partnership is set to begin immediately, with both Nvidia and Volvo already working to establish development teams in each other's headquarters.
According to Business Insider, Nvidia's automotive segment comprised 7.5% of the company's revenue in the fiscal Q1 2020, amounting to $166 million. However, Nvidia expects the market for AI self-driving tech to be worth as much as $8 billion by 2025.
Earlier in June, Volvo and Uber revealed a jointly-developed third-generation self-driving car, distinguished by the fact that it was produced to be autonomous from the ground up, as opposed to being retrofitted from a conventional model.
As of press time, Volvo stock is at 148.95 Swedish kronor ($15.88), up by 2.36% on the day. Nvidia is trading at $153.14, down by 0.62%.