Zenuity, the joint venture between carmaker Volvo and automotive safety supplier Autoliv, officially began operations yesterday as it entered the growing market for autonomous driving software systems.
The venture, which will have an initial workforce of almost 300 people, will develop advanced driver assist systems (ADAS) and autonomous driving technologies, with the aim of having its first ADAS products available for sale by 2019.
“Volvo Cars combined its know-how with Autoliv’s to create a world leader in autonomous driving safety systems,” said Håkan Samuelsson, President and Chief Executive Officer of Volvo Cars.
“With Zenuity starting operations we move a step closer to delivering this exciting technology.”
Jan Carlson, Chairman, President & CEO of Autoliv, said: “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.”
“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,” said Dennis Nobelius, CEO of Zenuity.
“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.”
Autoliv is investing a total of around SEK 1.1 billion into Zenuity, with the majority of this coming from an initial cash contribution. Both partners will also contribute intellectual property, know-how and personnel to the joint venture.