Dec 31 (Reuters) – Sweden-based Volvo Automotive AB mentioned 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 totally owned subsidiary of the Swedish automaker. Zenseact will proceed to stay and function as a standalone firm, Volvo Vehicles mentioned.
Regardless of Volvo Vehicles taking ECARX’s shares within the software program firm, the continued collaboration discussions between Zenseact and ECARX will proceed as deliberate, Volvo Vehicles mentioned.
Zenseact acquired 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 (LAZR.O) in 2021 to supply a mixture hardware-software system to different automakers.
Reporting by Baranjot Kaur in Bengaluru; Modifying by Alison Williams and David Holmes
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