Volvo, Uber to jointly develop self-driving SUVs

Volvo Car Corp. and ride-hailing giant Uber Technologies Inc. reached a $300 million agreement to co-develop autonomous SUVs.

The Swedish automaker will perform much of the engineering to create an XC90 SUV that's capable of piloting itself. Uber then will take that technology and use it to develop its own self-driving vehicle technology. Volvo will do the same.

Under the agreement, Uber will buy XC90 SUVs manufactured by Volvo. The two companies will work together on dynamic mapping, object identification and other hurdles the autonomous car industry faces.

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