Geely’s Volvo Cars confirmed Chinese connected car technology company ECARX plans to acquire a stake in its autonomous driving software development subsidiary Zenseact, according to reports in China.
ECARX was said to want a 15% stake in Zenseact for an undisclosed amount to help cement a strategic partnership between the two companies and support the development of autonomous driving technology.
Go deeper with GlobalData
Volvo said the Chinese company wanted to build on Zenseact’s global software platform and collaborate on autonomous driving for the Chinese market. The partnership would strengthen Zenseact’s presence in China by helping it accelerate the deployment of its technology in the world’s largest vehicle market.
Hakan Samuelsson, Volvo’s CEO and chairman of Zenseact, said in a statement: “Zenseact is a pioneer in self-driving technology and this strategic investment from ECARX enables us to scale up quicker in China.”
Zenseact’s technology, including active safety systems and an unsupervised autonomous driving function for highways, is scheduled to feature in upcoming Volvo and Polestar cars.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
