Swedish premium car maker, Volvo Cars, and leading ride-sharing company Uber, are to join forces to develop next generation autonomous driving (AD) cars, Volvo Cars said Thursday.

According to a press release, the two companies have signed an agreement to establish a joint project that will develop new base vehicles that will be able to incorporate the latest developments in AD technologies, up to and including fully autonomous driverless cars.

It said, the base vehicles will be manufactured by Volvo Cars and then purchased from Volvo by Uber. Volvo Cars and Uber are contributing a combined 300 million U.S. dollars to the project.

Both Uber and Volvo will use the same base vehicle for the next stage of their own autonomous car strategies.

This will involve Uber adding its own self-developed autonomous driving systems to the Volvo base vehicle. Volvo will use the same base vehicle for the next stage of its own autonomous car strategy, which will involve fully autonomous driving, the company said.

"We are very proud to be the partner of choice for Uber, one of the world's leading technology companies. This alliance places Volvo at the heart of the current technological revolution in the automotive industry," Hakan Samuelsson, president and chief executive of Volvo Cars, was quoted as saying.

"Over one million people die in car accidents every year. These are tragedies that self-driving technology can help solve," said Travis Kalanick, Uber's chief executive.

"By combining the capabilities of Uber and Volvo we will get to the future faster, together," said Kalanick.

Volvo Cars, which was acquired by Chinese automaker Geely in 2010, employs nearly 29,000 people worldwide. Endit

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