Autoliv says the new electronics spin-off company will be called Veoneer creating an independent publicly traded company during the third quarter of this year.
When publicly listed, Veoneer's offering will include safety electronics, sensors and software for active safety, advanced driver assistance systems (ADAS) and autonomous driving (AD) as well as brake control solutions.
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"Naming the new company Veoneer clearly reflects this is an independent company focusing on future technologies," said Autoliv president, chairman and CEO, Jan Carlson.
"We look forward to creating a customer-focused company and creating shareholder value. The Veoneer brand will be a visionary pioneer in automotive electronics, ADAS, automation and new mobility.
"Today, we have one of the broadest product portfolios in the market and the ambition for Veoneer is to stay at the forefront of innovation in the current revolution of the automotive industry.
"Veoneer is prepared to take on the challenges of automation and human machine interaction as vehicles get increasingly intelligent. This development will greatly improve traffic safety and bring new levels of comfort and convenience to people in need of transportation."
After the spin-off, Autoliv's current Passive Safety segment will continue to operate using the Autoliv name, with continued listings on the New York Stock Exchange and Nasdaq Stockholm.
The spin-off is expected to be completed during the third quarter of this year, subject to market, regulatory and certain other conditions, including approval by Autoliv's board of directors.
