Volvo Car announced it has taken ownership of autonomous car software development subsidiary Zenseact Saturday, December 31, 2022.
According to a Reuters report, Volvo acquired a 13.5 percent stake in Zenseact from ECARX. The acquisition makes Volvo the full owner of Zenseact with a total of 100 percent share ownership.
“Zenseact will continue to survive and operate as an independent company,” said Volvo Cars.
Volvo added that ongoing collaboration discussions between Zenseact and ECARX will continue as planned, despite the Swedish manufacturer taking ECARX’s stake in the software company.
Zenseact received a strategic investment in 2021 from ECARX requesting a 15 percent shareholding.
Zenseact has reached an agreement with Luminar Technologies in 2021 to offer other automakers a combination hardware-software system.
