Zenseact becomes fully owned subsidiary of Volvo Cars
Business
Zenseact becomes fully owned subsidiary of Volvo Cars
(Reuters) - Sweden-based Volvo Car AB said on Saturday it had taken 100% ownership of its autonomous driving (AD) software development subsidiary Zenseact.
Volvo Cars acquired 13.5% of shares in Zenseact from ECARX, which made the AD software company a fully owned subsidiary of the Swedish automaker. Zenseact will continue to remain and operate as a standalone company, Volvo Cars said.
Despite Volvo Cars taking ECARX s shares in the software company, the ongoing collaboration discussions between Zenseact and ECARX will continue as planned, Volvo Cars said.
Zenseact received a strategic investment in 2021 from ECARX where it asked for 15% shareholding in the software company.
Zenseact had struck a deal with Luminar Technologies (LAZR.O) in 2021 to offer a combination hardware-software system to other automakers.
