Zenuity, the joint venture between Autoliv Inc. and Volvo Cars, starts its operations today. Zenuity is a new entrant in the growing global market for autonomous driving software systems.
The two companies say this joint venture marks the first time a premium carmaker has joined forces with a Tier 1 supplier to develop leading advanced driver assist systems (ADAS) and autonomous driving (AD) technologies.
“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 carmaker, will ensure solutions that meet the needs of car occupants in real life road conditions,” said Jan Carlson, chairman, president and CEO of Autoliv.
“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 CEO of Volvo Cars. “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.
Autoliv will make a total investment of around 1.1 billion SEK (approximately $123 million) 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.
