Photo: Karol Serewis/SOPA Images/LightRocket via Getty Images

Waymo is teaming up with Volvo Cars to develop a self-driving electric vehicle platform for ride-hailing services.

Why it matters: Volvo, owned by China's Zhejiang Geely Holding Group, is the fourth major automaker to align with Waymo.

  • This partnership is different from the others, however, because instead of supplying cars to be outfitted with Waymo technology, the two companies will work together to design a new robotaxi platform.

The intrigue: Waymo will be Volvo's exclusive partner for Level 4 autonomy, but the deal won't affect Volvo's agreement to supply vehicles to Uber's Advanced Technology Group, which is also working on self-driving systems.

  • Of note: Volvo Cars, and its Chinese-Swedish sister brands, Polestar and Lynk & Co., are included in the Waymo partnership.

What they're saying:

  • "This key partnership with Volvo Car Group helps pave the path to the deployment of the Waymo Driver globally in years to come, and represents an important milestone in the highly competitive autonomous vehicle industry," said Adam Frost, Waymo's chief automotive officer.
  • "Our global partnership with Waymo opens up new and exciting business opportunities for Volvo Cars, Polestar, and Lynk & Co.," said Volvo's chief technology officer Henrik Green.

Waymo said it will continue working with Fiat Chrysler, Jaguar Land Rover and the Renault-Nissan-Mitsubishi alliance.

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