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Volvo Sells 75 Percent of Connected Car Unit to Volkswagen for $121 Million

WirelessCar has its own technology platform and develops digital services like billing and safety and emergency breakdown services for customers including Jaguar Land Rover, Daimler, Nissan and Volvo Cars

Reuters

Updated:December 20, 2018, 3:05 PM IST
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Volvo Sells 75 Percent of Connected Car Unit to Volkswagen for $121 Million
Volvo logo. (Photo: Reuters)
Volvo has agreed to sell 75.1 percent of WirelessCar, a digital service developer specialising in connected driving, to Volkswagen (VW) for 1.1 billion Swedish crowns ($121.5 million), the Swedish truckmaker said earlier. The deal will allow Volvo to focus on commercial vehicles, its core business since it sold Volvo Cars in 1999. Several truck and carmakers have been shedding assets to pool money into developing expensive electrical and driverless vehicles, markets where they face competition from new entrants such as Tesla.

WirelessCar has its own technology platform and develops digital services like billing and safety and emergency breakdown services for customers including Jaguar Land Rover, Daimler, Nissan and Volvo Cars. The company has more than 3 million active connected cars across the globe and is expected to report revenues of about 500 million crowns in 2018, Volvo said in its statement.

VW said WirelessCar technology would further its goal of developing value-added services for customers by enabling safe and stable data exchange between operating systems in its cars and a cloud platform it is developing with Microsoft.

The German carmaker added that the deal still had to be approved by cartel authorities and that it expected the transaction to close during the first half of 2019. On closing, the divestment would result in a positive impact on Volvo's operating income of about 1.5 billion crowns and on cash flow of 1.1 billion crowns, Volvo said.
(Get detailed and live results of each and every seat in the Lok Sabha elections and state Assembly elections in Andhra Pradesh, Odisha, Arunachal Pradesh and Sikkim to know which candidate/party is leading or trailing and to know who has won and who has lost and by what margin. Our one-of-its-kind Election Analytics Centre lets you don a psephologist’s hat and turn into an election expert. Know interesting facts and trivia about the elections and see our informative graphics. Elections = News18)
| Edited by: Abhinav Jakhar
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