Supplier of automotive safety systems Autoliv, has signed an agreement with Swedish automobile manufacturer Volvo Cars, to set up a joint venture, which will develop software for autonomous driving and driver assistance systems. Zenuity, the joint venture will be a new entrant in the growing global market for autonomous driving software systems.
Both the partners will have an equal share in Zenuity and while Autoliv will invest around SEK 1.1 billion, which includes cash and certain assets, Volvo Cars will also contribute a few assets to the JV.Supplier of automotive safety systems Autoliv, has signed an agreement with Swedish automobile manufacturer Volvo Cars, to set up a joint venture, which will develop software for autonomous driving and driver assistance systems. Zenuity, the joint venture will be a new entrant in the growing global market for autonomous driving software systems.#
The initial workforce of around 200 people will be drawn from both companies and will be headquartered in Gothenburg, Sweden, with operations in Munich, Germany, and Detroit, USA also.
The mission for Zenuity is to use the latest ADAS/AD know-how to create robust and flexible solutions that are at the technological forefront, which will be achieved with robust solutions, utilising extensive experience and real-life tested solutions. (AR)
ALCHEMPro News Desk – India
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