| 1:38 PM EST

Volvo, Autoliv Ramp Up JV


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Volvo Car Corp. and Autoliv Inc. on Tuesday officially launched their newly formed Zenuity joint venture company.

Based in Gothenburg, Sweden, the 50:50 enterprise aims to develop autonomous driving and advanced driver assist systems (ADAS). The two companies will license and transfer intellectual property for their current ADAS efforts to the joint venture, which will be funded by a 1.1 billion-kronor ($123 million) investment from Autoliv.

The first ADAS products developed by Zenuity are expected by 2019, with fully autonomous technologies due shortly thereafter. Autoliv will be the exclusive supplier and distribution channel for all Zenuity products sold to third parties.

Zenuity initially will employ about 300 people, including transfers from its two parents. The company aim to eventually double its staff, which will be spread among facilities in Sweden, Germany and Detroit.

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