Volvo and Autoliv Inc. (NYSE:ALV) have partnered up to put self-driving cars on the road within five years.
The automakers are working side-by-side with Nvidia Corporation (NASDAQ:NVDA) to launch vehicles that use driverless technology to navigate through the streets. Nvidia’s Drive PX artificial intelligence computing platform is essential to helping make this a reality.
The companies have set the end of 2021 as the date by which you will be able to buy self-driving cars (the only driverless cars currently on the road are being tested). Nvidia’s technology is currently being used to test self-driving capabilities of its own vehicles.
The software that Nvidia is tested is geared towards Volvo as the automaker will have exclusive access to certain functionalities. The company noted that Autoliv will also have the rights to make the technology available to other automakers.
The partnership will be called Zenuity, which will sell the software directly to Volvo. Autoliv, meanwhile, will be able to use its supply and distribution connections to sell the software to third-party original equipment manufacturers.
The three companies seem well-positioned to move forward with their bid to become the first entities to roll out a driverless car to the public. However, there are plenty of other parties trying to do the same, including Apple.
ALV stock fell 1.4% Tuesday, while NVDA shares slipped 3.6% by day’s end.