Volvo Cars has taken 100 per cent ownership of its autonomous driving (AD) software development subsidiary, Zenseact. Immediately prior to the transaction, Volvo Cars owned 86.5 per cent in the firm and has now acquired the remaining stake from ECARX, a global mobility tech company.
The acquisition of the additional 13.5 per cent of shares in Zenseact is a strategic step to owning more of the software powering key functionality going into future cars and supports Volvo Cars’ strategic direction to be a leader in new technology.
With this transaction, Volvo Cars further clarifies and simplifies Zenseact ownership, making the AD software company a fully owned subsidiary of Volvo Cars. 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 ongoing collaboration discussions between Zenseact and ECARX will continue as planned. The acquisition of the remaining stake in Zenseact was completed on December 31.
SOURCE: Volvo Cars