Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
»
2-min read

Volvo Cars And Autoliv Announce Autonomous Tech Joint Venture Zenuity

Volvo Cars and Autoliv will own the joint venture 50/50.

News18.com

Updated:January 5, 2017, 3:46 PM IST
facebookTwitterskypewhatsapp
Volvo Cars And Autoliv Announce Autonomous Tech Joint Venture Zenuity
Volvo Logo. (Photo: Reuters)
Loading...

Volvo Cars and Autoliv, a recognised name in automotive safety systems, have signed a final agreement to establish a new joint venture called Zenuity to develop software for autonomous driving and driver assistance systems, based on the letter of intent announced last year.

Zenuity will create a new entrant in the fast growing global market for autonomous driving software systems. It marks the first time a leading premium car maker has joined forces with a tier one supplier to develop new advanced driver assist systems (ADAS) and autonomous driving (AD) technologies.

As part of the agreement announced, at the time of 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, and which also includes certain assets.

Volvo Cars will also contribute certain intellectual property assets and human resources to the joint venture, but no cash. As previously announced, Autoliv and Volvo Cars will own the joint venture 50/50.

Also read: After 50 Years, Volvo Overtaken in Sweden in Terms of Sales

Headquartered in Gothenburg, Sweden and with additional operations in Munich, Germany, and Detroit, USA, the initial workforce of around 200 people will come from Volvo Cars and Autoliv. The company is expected to grow to over 600 employees in the medium term. Operations are expected to start during the first half of 2017 after approvals from relevant competition authorities in several countries have been obtained and other customary closing conditions have been satisfied.

Both Volvo Cars and Autoliv will license and transfer the intellectual property for their ADAS systems to the joint venture. From this base, the company will develop new ADAS products and AD technologies. The new company is expected to have its first driver assistance products available for sale by 2019 with autonomous driving technologies following shortly thereafter.

Also read: Volvo V40 2017, V40 Cross Country Launched in India With Thor’s Hammer Headlamps

Autoliv will be the exclusive supplier and distribution channel for all the new company’s products sold to third parties, and there will be no exclusivity toward any customer or the owners. Volvo Cars will source such products directly from the new joint venture.

As previously announced, Dennis Nobelius will be the Chief Executive Officer of the joint venture. The joint venture will be governed by a separate board of directors, and independently operate within its own facilities.

Also read: Volvo High End 90 Series Cars to Come Pre-Equipped With Skype

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

Subscribe to Moneycontrol Pro and gain access to curated markets data, trading recommendations, equity analysis, investment ideas, insights from market gurus and much more. Get Moneycontrol PRO for 1 year at price of 3 months. Use code FREEDOM.

| Edited by: Abhilasha Singh
Read full article
Loading...
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp

Live TV

Loading...
Countdown To Elections Results
To Assembly Elections 2018 Results