Autoliv, Volvo Autonomous Driving Venture Starts Operations
April 18, 2017--Zenuity, the joint venture between Autoliv Inc. and Volvo Cars, started its operations on Tuesday. 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.
"In the last 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 1.1 billion 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. As previously announced, Autoliv and Volvo Cars own the joint venture 50/50. The formation of the joint venture was first announced in September 2016.