Autoliv, Inc. (NYSE: ALV) and XPENG Inc. have signed a strategic cooperation framework agreement aimed at developing mobility solutions for global markets, according to a press release from Autoliv.

The agreement covers collaboration in technology development, digitalization, supply chain coordination, sustainability, and global business expansion. Autoliv (Shanghai) Management Co., Ltd. is the signing entity on Autoliv's side.

Under the agreement, Autoliv will apply its automotive safety expertise to support XPENG's product development and global expansion efforts. XPENG, a Chinese electric vehicle and AI technology company, focuses on smart mobility, autonomous driving, and humanoid robotics.

"XPENG is striving to explore the future of mobility, and Autoliv is proud to support that journey. As vehicles become smarter, safety must be integrated from the very beginning. This agreement reflects our shared commitment to innovation and safety, combining XPENG's innovation in smart mobility with Autoliv's global safety expertise to help make the next generation of mobility safer," said Mikael Bratt, President and CEO of Autoliv.

The financial terms of the agreement were not disclosed.