Safety is one of the key issues of future automotive development. With the trend of increasing functionality and complexity in automotive embedded system, there are increasing risks of functional failures. It is necessary to perform the functional safety process throughout the safety lifecycle of these systems. The appearance of the new functional safety standard ISO WD 26262 also makes the consideration of functional safety as part of the design and implementation process for these systems. This paper introduces the new standard ISO WD 26262 and analyses its features. The safety life cycle according to the new standard, activities necessary for the achievement of functional safety during the development phase are shown. An example application according to ISO WD 26262 is given and the process and methods of functional safety analysis in this example are proposed.