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Zenseact turns into totally owned subsidiary of Volvo Vehicles By Reuters


© Reuters. FILE PHOTO: The Volvo brand is seen in truck on the market in Linden, New Jersey, U.S., Could 23, 2022. REUTERS/Andrew Kelly

(Reuters) -Sweden-based Volvo Automotive AB stated on Saturday it had taken 100% possession of its autonomous driving (AD) software program growth subsidiary Zenseact.

Volvo Vehicles acquired 13.5% of shares in Zenseact from ECARX, which made the AD software program firm a completely owned subsidiary of the Swedish automaker. Zenseact will proceed to stay and function as a standalone firm, Volvo Vehicles stated.

Regardless of Volvo Vehicles taking ECARX’s shares within the software program firm, the continuing collaboration discussions between Zenseact and ECARX will proceed as deliberate, Volvo Vehicles stated.

Zenseact obtained a strategic funding in 2021 from ECARX the place it requested for 15% shareholding within the software program firm.

Zenseact had struck a take care of Luminar Applied sciences in 2021 to supply a mixture hardware-software system to different automakers.



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