Truck and bus manufacturer Volvo and Daimler Truck are launching a joint venture called Coretura, according to a press release.

The launch comes after the companies secured all necessary regulatory approvals. Coretura is based in Gothenburg and started operations in early June. It will start with around 50 employees and is expected to gradually grow its workforce.

Coretura will be engaged in the development and delivery of software-defined vehicle platforms for commercial vehicles and other software.

"This is a big and really exciting step—not just for us, but for the whole industry and our customers. Together, we're starting the digitally driven future for trucks and buses, which will ultimately make commercial vehicles smarter, more connected, and more efficient than ever," says Karin Rådström, CEO of Daimler Truck.

Both Volvo and Daimler Truck have committed to investing a three-digit million amount in Coretura over the next five years to ensure the success of the joint venture.