STOCKHOLM (Reuters) – Geely-owned Volvo Cars and auto tech supplier Veoneer will split their jointly owned software venture Zenuity to pursue separate strategies for the business, the companies said on Thursday.
The companies said last year they were conducting a strategy review of Zenuity, a firm focused on software for advanced driver assistance systems (ADAS) and autonomous driving, in part due to a wider introduction of self-driving cars having been pushed further into the future.
Under the new agreement, Veoneer will integrate the current Zenuity business focused on ADAS software, while Volvo Cars will set up a new stand-alone company to take over Zenuity’s development and commercialisation of unsupervised autonomous drive software.
“This means that we will buy today’s systems from a more traditional supplier relationship, but development-wise we now want to put our focus on the next generation of products,” Volvo Chief Technology Officer Henrik Green told Reuters. …
Source Reuters Tech News
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