Originally published on Gas2.
Volvo has big plans for 2019. In addition to building its first all-electric models in a new, Chinese factory, the Swedish car brand plans to launch its first round of “fully” autonomous cars in cooperation with Autoliv.
The project is called Zenuity. Originally announced back in September, Zenuity officially began operations this week with a budget of more than 1.1 billion Swedish Krona. That’s almost $125 million to you and me, kids — and that’s real money, with almost all of it coming from Autoliv. Volvo, for its part, will put in more value and contribute intellectual property, know-how, and personnel into the joint venture.
You can check out the companies’ official joint press release, below, and let us know what you think of Zenuity’s chances for succeeding in the autonomous car market of the future in the comments section at the bottom of the page.
Volvo + Autoliv Project Zenuity Goes Live
Zenuity, the joint venture between Volvo Cars and Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), began operations this week. 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.
Håkan Samuelsson and Jan Carlson
“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.
Source | Images: Volvo Cars.