Zenuity, the joint venture between Volvo Cars and Autoliv, has started its operations. Zenuity is a new beginner in the developing global market for autonomous driving software systems. It marks the first time a premium automaker has signed up forces with a tier-one provider to construct leading advanced driver-assist systems (ADAS) and autonomous driving (AD) innovations.
“Volvo Cars integrated its know-how with Autoliv’s to create a world leader in autonomous driving safety systems. With Zenuity beginning operations, we move a step nearer to offering this exciting technology,” stated Håkan Samuelsson, President and CEO of Volvo Cars.
“Zenuity will allow us to deliver world-leading, robust solutions for autonomous driving. The combined experience of Autoliv, the global leader in automotive safety systems, and Volvo Cars, the premium automaker, will guarantee solutions that meet the demands of car occupants in real-life road conditions”, stated Jan Carlson, Chairman, President and CEO of Autoliv.
“In the last nine months, we have collaborated hard to get Zenuity started and I am very happy that we are now ready to begin operations. The initial interest from automakers in Zenuity is very motivating and we look forward to being a leader in the construction of the next generation of safer and more automated cars,” stated Dennis Nobelius, CEO of Zenuity.
At the closing, Autoliv planned a total investment of about 1.1 billion SEK ($122.59 million) into the joint venture, the huge majority of which is an initial fund contribution, but it also consist intellectual property, know-how and personnel. At this time, Volvo is going to contribute intellectual property, know-how and personnel into the joint venture. As formerly declared, Volvo Cars and Autoliv own the joint venture half-half. The foundation of the joint venture was first announced in September last year.