STOCKHOLM (Reuters) – Geely-owned Volvo Cars and auto tech supplier Veoneer will split up their jointly owned software venture Zenuity, the companies said in separate statements on Thursday.
Under the agreement, Veoneer will integrate and operate the current Zenuity business focused on development and commercialization of advanced driver assistance system (ADAS) software.
Volvo Cars will set up a new stand-alone company to take over Zenuity’s current development and commercialization of unsupervised autonomous drive software.
(Reporting by Johannes Hellstrom; editing by Jason Neely)
