Investing.com -- Volvo AB said Wednesday it expects revenue from autonomous transportation to reach nearly $3 billion within five years as the company prepares to launch driverless operations on US highways.

The Swedish truckmaker plans to begin robo-truck operations in the US during the first quarter of 2027, with more than 300 autonomous vehicles on highways by the end of that year, according to Nils Jaeger, head of the company's autonomous unit. He spoke during an investor meeting Wednesday.

"We are a first mover and we are here to scale this business," Jaeger said.

The announcement provides Volvo's most detailed plan for commercializing autonomous trucking. The company believes driverless technology can improve fleet economics and drive future growth.

Jaeger said autonomous trucks could double vehicle usage by operating beyond legal driving limits for human drivers. This would help fleets address labor shortages while increasing productivity.

The targets were part of several growth plans presented at the event in Sweden. Volvo also expects its truck unit and construction equipment business to grow faster than historical rates.

Chief Executive Officer Martin Lundstedt said demand for transport and infrastructure solutions will continue to grow despite geopolitical uncertainty.

Chief Financial Officer Mats Backman said customer demand remained solid in Europe through April and May. North American demand continued to be strong, with Volvo now accepting orders for the third and fourth quarters and gradually increasing production capacity.

Rising freight and raw-material costs linked to tensions in the Middle East are increasing cost inflation and will affect second-quarter costs, Backman said.