Volvo Updates on Self-Driving Car Initiative (MBLY)

Mobileye (Nasdaq: MBLY) is lower Thursday following news that Volvo is also advancing its self-driving vehicle initiative along.

CNET reported that the Swedish automaker is planning to have 100 self-driving cars on the road by 2017. The program is called Drive Me and will only be available in Volvo's hometown of Gothenberg at first.

Volvo's cars will use an array of sensors to pilot the vehicle whil on highways, but drivers will need to steer the cars on and off the highways. Drivers will also need to take the wheel in the case of inclement weather.

Most of the sensors are available on Volvos today, but a more-advanced system of computers is what's powering the self-driving initiative. Sensors include radar, sonar, laser scanners and optical cameras will continually look 360 degrees around the entire car.

It wasn't made immediately clear whether or not Mobileye was involved in the process. Shares are down about 1 percent.

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