Zenuity,
the joint venture between Volvo Cars and Autoliv, Inc. (NYSE: ALV and SSE:
ALIVsdb), starts its operations today. 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 & CEO of Autoliv.
“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, Volvo Cars and Autoliv own the
joint venture 50/50. The formation of the joint venture was first announced in
September 2016.
Background
Headquartered
in Gothenburg, Sweden and with additional operations in Munich, Germany, and
Detroit, USA, the initial workforce of close to 300 people is from Volvo Cars
and Autoliv as well as some new hires. The joint ventures workforce is expected
to grow to over 600 employees in the medium term.
Both Volvo
Cars and Autoliv license and transfer intellectual property for their ADAS
systems to the joint venture. From this base, the joint venture will develop
new ADAS products and AD technologies. Zenuity is expected to have its first
ADAS products available for sale by 2019 with AD technologies following shortly
thereafter.
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 – for today and tomorrow.
This will be achieved by utilizing extensive experience and real-life tested
solutions. Customers will be offered flexibility to choose based on a platform
with modular solutions, all offered in a timely manner to the market. Zenuity
is further committed to shape the industry through the delivery of spearhead
solutions that continuously push the AD boundaries.
By being a
leader in AD technology, combined with the business model for Zenuity, the
owners expect three elements of value creation. Firstly, the business model
means the value of the joint venture will increase going forward. Secondly, for
Autoliv this is a clear step in the development of its active safety focus.
Thirdly, for Volvo Cars the joint venture ensures world leading competence in a
key technology area.
Autoliv is
the exclusive supplier and distribution channel for all Zenuity’s products sold
to third parties, and there will be no exclusivity toward any customer or the
owners. Volvo Cars can source such products directly from the joint venture.
Source: Volvo Cars Global Newsroom.
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