STOCKHOLM, Sweden, Jan 03, 2017 /PRNewswire/ --
Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader
in automotive safety systems, and Volvo Cars, the premium car
maker, have signed a final agreement regarding the formation of a
joint venture to develop software for autonomous driving and driver
assistance systems, based on the letter of intent announced during
fall 2016.
The joint venture, named Zenuity, will create a new
entrant in the growing global market for autonomous driving
software systems. It marks the first time a leading premium car
maker has joined forces with a tier one supplier to develop new
advanced driver assist systems (ADAS) and autonomous driving (AD)
technologies.
As part of the agreement announced today, at the time of 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, and which also
includes certain assets. Volvo Cars will also contribute certain
assets to the joint venture. As previously announced, Autoliv and
Volvo Cars will own the joint venture 50/50.
Headquartered in Gothenburg,
Sweden and with additional operations in Munich, Germany, and Detroit, USA,
the initial workforce of around 200 people will come from Autoliv
and Volvo Cars. The company is expected to grow to over 600
employees in the medium term. Operations are expected to start
during the first half of 2017, after approvals from relevant
competition authorities in several countries have been obtained and
other customary closing conditions have been satisfied.
Both Autoliv and Volvo Cars will license and transfer the
intellectual property for their ADAS systems to the joint venture.
From this base, the company will develop new ADAS products and AD
technologies. The new company is expected to have its first driver
assistance products available for sale by 2019 with autonomous
driving technologies following shortly thereafter.
The mission for the joint venture 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 a speed to market with robust solutions, utilizing
extensive experience and real-life tested solutions. Customers will
be offered flexibility to choosebased on a platform with modular
solutions. The joint venture is further committed to shape the
industry through delivering spearhead solutions that continuously
push the AD boundaries.
Autoliv will be the exclusive supplier and distribution channel
for all the new company's products sold to third parties, and there
will be no exclusivity toward any customer or the owners. Volvo
Cars will source such products directly from the new joint
venture.
As previously announced, Dennis Nobelius will be the Chief
Executive Officer of the joint venture. The joint venture will be
governed by a separate board of directors, and independently
operate within its own facilities.
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
68,000 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
2015 amounted to about US $9.2
billion. The Company's shares are listed on the New York
Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on
the 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. All
forward-looking statements 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 successfully close the transaction to
form the joint venture, including the risk that the necessary
approvals from competition authorities are not obtained;
uncertainties as to the future operating, financial and other
developments with respect to the joint venture; our ability to
manage and obtain the benefits of the activities of the joint
venture; and the impact of any changes in general economic and
market 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.
CONTACT:
This information was brought to you by Cision
http://news.cision.com
http://news.cision.com/autoliv/r/autoliv-and-volvo-cars-sign-final-agreement-to-form-joint-venture,c2159555
The following files are available for download:
http://mb.cision.com/Main/751/2159555/610082.pdf
|
Press release
(PDF)
|