STOCKHOLM, April 18, 2017 /PRNewswire/ --
Zenuity, the joint venture between Autoliv, Inc. (NYSE: ALV and
SSE: ALIVsdb) and Volvo Cars, starts its operations today. Zenuity
is a new entrant in the growing global market for autonomous
driving software systems. It marks the first time a premium car
maker has joined forces with a tier one supplier to develop leading
advanced driver assist systems (ADAS) and autonomous driving (AD)
technologies.
"Zenuity will enable us to deliver world leading, robust
solutions for autonomous driving. The combined experience of
Autoliv, the worldwide leader in automotive safety systems, and
Volvo Cars, the premium car maker, will ensure solutions that meet
the needs of car occupants in real life road conditions," said
Jan Carlson, Chairman, President
& CEO of Autoliv.
"Volvo Cars combined its know-how with Autoliv's to create a
world leader in autonomous driving safety systems. With Zenuity
starting operations we move a step closer to delivering this
exciting technology," said Håkan Samuelsson, President and Chief
Executive Officer of Volvo Cars.
"In the last nine months we have worked hard to get Zenuity
started and I am very pleased that we are now ready to start
operations. The initial interest from automakers in Zenuity is very
encouraging and we look forward to being a leader in the
development of the next generation of safer and more automated
cars," said Dennis Nobelius, CEO of Zenuity.
At today's closing, Autoliv will make a total investment of
around 1.1 billion SEK into the joint
venture, the large majority of which is an initial cash
contribution, but it also includes intellectual property, know-how
and personnel. At the same time Volvo Cars will contribute
intellectual property, know-how and personnel into the joint
venture. As previously announced, Autoliv and Volvo Cars own the
joint venture 50/50. The formation of the joint venture was first
announced in September 2016.
Background
Headquartered in Gothenburg,
Sweden and with additional operations in Munich, Germany, and Detroit, USA,
the initial workforce of close to 300 people is from Autoliv and
Volvo Cars as well as some new hires. The joint ventures workforce
is expected to grow to over 600 employees in the medium term.
Both Autoliv and Volvo Cars license and transfer intellectual
property for their ADAS systems to the joint venture. From this
base, the joint venture will develop new ADAS products and AD
technologies. Zenuity is expected to have its first ADAS products
available for sale by 2019 with AD technologies following shortly
thereafter.
The mission for Zenuity is to use the latest ADAS/AD know-how to
create robust and flexible solutions that are at the technological
forefront – for today and tomorrow. This will be achieved by
utilizing extensive experience and real-life tested solutions.
Customers will be offered flexibility to choose based on a platform
with modular solutions, all offered in a timely manner to the
market. Zenuity is further committed to shape the industry through
the delivery of spearhead solutions that continuously push the AD
boundaries.
By being a leader in AD technology, combined with the business
model for Zenuity, the owners expect three elements of value
creation. Firstly, the business model means the value of the joint
venture will increase going forward. Secondly, for Autoliv this is
a clear step in the development of its active safety focus.
Thirdly, for Volvo Cars the joint venture ensures world leading
competence in a key technology area.
Autoliv is the exclusive supplier and distribution channel for
all Zenuity's products sold to third parties, and there will be no
exclusivity toward any customer or the owners. Volvo Cars can
source such products directly from the joint venture.
Inquiries:
Thomas Jönsson,
Group Vice President Communications.
Tel +46 (0)8-58-72-06-27
About Autoliv
Autoliv, Inc., the worldwide leader in automotive safety
systems, develops and manufactures automotive safety systems for
all major automotive manufacturers in the world. Together with its
joint ventures, Autoliv has close to 80 facilities with more than
70,000 employees in 27 countries. In addition, the Company has 20
technical centers in nine countries around the world, with 20 test
tracks, more than any other automotive safety supplier. Sales in
2016 amounted to about US $10.1
billion. The Company's shares are listed on the New York
Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on
Nasdaq Stockholm (ALIV sdb). For more information about Autoliv,
please visit our company website at www.autoliv.com.
Safe Harbor Statement
This report contains statements that are not historical facts
but rather forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Such
forward-looking statements include those that address activities,
events or developments that Autoliv, Inc. or its management
believes or anticipates may occur in the future, including related
to its Zenuity joint venture. All forward-looking statements,
including the success of the joint venture's product development
and product offerings, its ability to enhance our competitive
advantage and predictions regarding the operation, customers,
expansion and revenue of the joint venture are based upon our
current expectations, various assumptions and data available from
third parties. Our expectations and assumptions are expressed in
good faith and we believe there is a reasonable basis for them.
However, there can be no assurance that such forward-looking
statements will materialize or prove to be correct as
forward-looking statements are inherently subject to known and
unknown risks, uncertainties and other factors which may cause
actual future results, performance or achievements to differ
materially from the future results, performance or achievements
expressed in or implied by such forward-looking statements.
Numerous risks, uncertainties and other factors may cause actual
results to differ materially from those set out in the
forward-looking statements, including, without limitation, the
ability of the parties to the joint venture to successfully
integrate operations and employees in the new company; the ability
of the joint venture to develop successful products; changes,
competition and uncertainties in the autonomous driving and related
markets; uncertainties as to the future financial and operating
developments of the joint venture; regulatory developments
regarding autonomous driving and the impact of any changes in
financial markets or global economic conditions. For any
forward-looking statements contained in this or any other document,
we claim the protection of the safe harbor for forward-looking
statements contained in the Private Securities Litigation Reform
Act of 1995, and we assume no obligation to update publicly or
revise any forward-looking statements in light of new information
or future events, except as required by law.
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Press release
(PDF)
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http://news.cision.com/autoliv/i/dennis-nobelius,c2120326
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Dennis
Nobelius
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SOURCE Autoliv