Volvo now fully owns Zenseact

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Volvo Cars has announced that it now wholly owns its autonomous driving (AD) software development subsidiary Zenseact.

KEY TAKEAWAYS

  • How much share has Volvo Cars already owned in Zenseact prior to the full acquisition?

    Prior to the latest development, Volvo Cars holds the 86.5-percent share in the firm.
  • What is Zenseact?

    Zenseact is a Volvo's autonomous driving (AD) software development subsidiary.
  • Prior to the latest development, Volvo Cars holds the 86.5-percent share in the firm.

    Zenseact

    In a statement, Volvo Cars said that the acquisition of the additional 13.5 percent from global mobility tech company ECARX is a “strategic step to owning more of the software powering key functionality going into future cars.”

     Further, Volvo Cars said that it also supports its strategic direction to be a leader in new technology.

    Following the initiative, Volvo Cars said that it “further clarifies and simplifies Zenseact ownership” by making the AD software firm its fully owned subsidiary.

    “Zenseact will continue to remain and operate as a standalone company and lead development of safety-, advanced driver assistance-, and autonomous driving technologies for introduction first in Volvo and Polestar cars,” the company explained.

    Photos from Ruben D. Manahan IV, Zenseact Facebook page

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