New York (CNN Business) Volvo will put a speed limit on its cars as part of its effort to eliminate fatal accidents.

The automaker says the limit will stop cars from going faster than 180 kilometers per hour, which works out to 112 mph. It said it is also considering other technology that could put stricter speed limits on cars driving near schools and hospitals.

Most cars can drive faster than 150 mph, and some automakers offer performance cars capable of driving even faster than that.

Volvo has set a goal of zero fatalities or serious injuries in new Volvos by 2020 . But its statement Monday said that no matter what safety features it builds into cars, it needs to also address driver behavior as part of its efforts.

"Volvo is a leader in safety: we always have been and we always will be," said Volvo CEO Håkan Samuelsson. "While a speed limitation is not a cure-all, it's worth doing if we can even save one life."

Read More