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Zenseact becomes fully owned subsidiary of Volvo Cars

Published 12/31/2022, 07:14 AM
Updated 12/31/2022, 08:00 AM
© Reuters. FILE PHOTO: The Volvo logo is seen in truck for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly

(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.

© Reuters. FILE PHOTO: The Volvo logo is seen in truck for sale in Linden, New Jersey, U.S., May 23, 2022. REUTERS/Andrew Kelly

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 in 2021 to offer a combination hardware-software system to other automakers.

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