Zenuity starts operations
Zenuity, the joint venture between Volvo Cars and Autoliv Inc has begun its operations today (Tuesday 18 April).
Zenuity is a new entrant in the growing global market for autonomous driving software systems. It marks the first time a premium car maker has joined forces with a tier-one supplier to develop leading advanced driver-assist systems (ADAS) and autonomous driving (AD) technologies.
‘Volvo Cars combined its know-how with Autoliv’s to create a world leader in autonomous driving safety systems. With Zenuity starting operations, we move a step closer to delivering this exciting technology,’ said Håkan Samuelsson, president and chief executive officer of Volvo Cars.
‘Zenuity will enable us to deliver world-leading, robust solutions for autonomous driving. The combined experience of Autoliv, the worldwide leader in automotive safety systems, and Volvo Cars, the premium car maker, will ensure solutions that meet the needs of car occupants in real-life road conditions’, said Jan Carlson, chairman, president and CEO of Autoliv.
‘In the past nine months, we have worked hard to get Zenuity started and I am very pleased that we are now ready to start operations. The initial interest from automakers in Zenuity is very encouraging and we look forward to being a leader in the development of the next generation of safer and more automated cars,’ said Dennis Nobelius, CEO of Zenuity.
At today’s closing, Autoliv will make a total investment of around 1.1bn SEK into the joint venture, the large majority of which is an initial cash contribution, but it also includes intellectual property, know-how and personnel. At the same time, Volvo Cars will contribute intellectual property, know-how and personnel into the joint venture.
Volvo Cars and Autoliv own the joint venture 50/50.