Volvo has become the latest car manufacturer to partner with US start-up Luminar, and will make a "significant" investment in the Californian firm, according to Henrik Green. He added that while Volvo has not signed a commercial agreement to purchase The Swedish carmaker is investing $US1 million ($A1.36 million) into Luminar as part of its commitment to invest more than $1 billion over five years for electric vehicle technology development. Luminar has agreements with Toyota Research Institute, as well as two other car manufacturers, and aims to produce 5,000 units a quarter by the end of the year. Volvo recently announced one-third of its cars would be self-driving by 2025.
Volvo has become the latest car manufacturer to partner with US start-up Luminar, and will make a "significant" investment in the Californian firm, according to Henrik Green. The Swedish carmaker is investing $US1 million ($A1.36 million) into Luminar as part of its commitment to invest more than $1 billion over five years for electric vehicle technology development. Luminar has agreements with Toyota Research Institute, as well as two other car manufacturers, and aims to produce 5,000 units a quarter by the end of the year. Volvo recently announced one-third of its cars would be self-driving by 2025.