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Investing.com -- European truck manufacturers AB Volvo (OTC:VLVLY) and Daimler (OTC:MBGAF) Truck announced Tuesday they are joining forces to develop a software-defined vehicle program through a new joint venture called Coretura.
The partnership aims to reduce costs and decrease dependence on suppliers, as both companies currently rely heavily on third parties because their software is closely tied to hardware.
"We’re looking at how we can move from our current reality where we are very much dependent on our suppliers - which drives both cost and sometimes timelines - and instead looking at what’s next generation of software that we need to bring to the vehicle," said Daimler Trucks CEO Karin Radstrom.
Based in Gothenburg, the new venture will start with 50 employees. Coretura plans to make its first deliveries of a connectivity platform in 2027, with additional deliveries expected toward the end of the decade.
This partnership comes as fleet operators and truck manufacturers race to develop technology-rich vehicles while simultaneously working to reduce costs.
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