Volvo Cars has taken 100 percent ownership of its autonomous driving (AD) software development subsidiary, Zenseact. Prior to the transaction, Volvo Cars owned 86.5 percent of the company and has now acquired the remaining stake from ECARX, a global mobility technology company.
The acquisition of an additional 13.5 percent of the shares in Zenseact is a strategic step towards owning more of the software that drives key functionality included in future cars and supports Volvo Cars’ strategic focus of being a leader in new technology.
With this transaction, Volvo Cars’ ownership of Zenseacts is further clarified and simplified, making the AD software company a wholly owned subsidiary of Volvo Cars. Zenseact will continue to operate as an independent company and lead the development of safety, advanced driver assistance and autonomous driving technologies to be introduced 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
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