Italian car designer Pininfarina and Ford's Volvo Car Corporation on Monday announced a joint venture to develop and produce a convertible car for the Swedish car maker, Dow Jones Newswires reported.

The news agency noted that Pininfarina, which designs for Fiat, Ferrari, and other brands, also produces around 40,000 cars a year, including Ford's Streetka [and Mitsubishi's European market Shogun Pinin].

The Italian firm will own 60% of the joint venture, which will be based in Uddevalla, Sweden, Dow Jones added.

According to the report, the two companies said the aim of the agreement was to develop and make the new Volvo, adding that more information will be made available after later decisions are made.

The accord is a demonstration of Pininfarina's "full service provider strategy," chief executive Andrea Pininfarina said, according to Dow Jones.