UPDATE 2-Veoneer and Volvo Cars to split Zenuity software joint venture [Reuters]
Veoneer, Inc. (VNE)
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Source: Reuters
Veoneer and Volvo Cars to split Zenuity software joint venture STOCKHOLM (Reuters) - Geely-owned Volvo Cars and auto tech supplier Veoneer will split their jointly owned software venture Zenuity as the Swedish carmaker focuses on developing autonomous driving software, the companies said on Thursday. Volvo and Veoneer said last year they were conducting a strategic review of Zenuity, which develops software for advanced driver assistance systems (ADAS) and autonomous driving, in part due to a wider introduction of self-driving cars being 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 (ADAS) from a more traditional supplier relationship, but development-wise we now want to put our focus on the next gene
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