Volvo Cars has taken 100 per cent ownership of its autonomous driving (AD) software development subsidiary, Zenseact. Immediately prior to the transaction, Volvo Cars owned 86.5 per cent in the firm and has now acquired the remaining stake from ECARX, a global mobility tech company.
The acquisition of the additional 13.5 per cent of shares in Zenseact is a strategic step to owning more of the software powering key functionality going into future cars and supports Volvo Cars’ strategic direction to be a leader in new technology.
With this transaction, Volvo Cars further clarifies and simplifies Zenseact ownership, making the AD software company a fully owned subsidiary of Volvo Cars. Zenseact will continue to remain and operate as a standalone company and lead development of safety-, advanced driver assistance- and autonomous driving technologies for introduction first in Volvo and Polestar cars.
The ongoing collaboration discussions between Zenseact and ECARX will continue as planned. The acquisition of the remaining stake in Zenseact was completed on December 31.
Volvo Cars in 2021
Volvo Car Group recorded an operating profit of 20.3 BSEK. Revenue in 2021 amounted to 282.0 BSEK, while global sales reached 698,700 cars.
About Volvo Car Group
Volvo Cars was founded in 1927. Today, it is one of the most well-known and respected car brands in the world with sales to customers in more than 100 countries. Volvo Cars is listed on the Nasdaq Stockholm exchange, where it is traded under the ticker “VOLCAR B”.
Volvo Cars aims to provide customers with the Freedom to Move in a personal, sustainable and safe way. This is reflected in its ambition to become a fully electric car maker by 2030 and in its commitment to an ongoing reduction of its carbon footprint, with the ambition to be a climate-neutral company by 2040.
As of December 2021, Volvo Cars employed approximately 41,000 full-time employees. Volvo Cars' head office, product development, marketing and administration functions are mainly located in Gothenburg, Sweden. Volvo Cars' production plants are located in Gothenburg, Ghent (Belgium), South Carolina (US), Chengdu, Daqing and Taizhou (China). The company also has R&D and design centres in Gothenburg, Camarillo (US) and Shanghai (China).