FILE PHOTO: The logo of Chinese car manufacturer Geely Automobile will be displayed on the second media day of the Shanghai auto show in Shanghai, China-April 17, 2019 at the latest. (REUTERS photo/Aly Song, File/Photo
STOCKHOLM (Reuters) – China’s Geely, has picked Zenuity, a joint venture between the Volvo car marque, the Swedish technology group, Veoneer, as a preferred supplier for the guided and self-driving software.
Regulatory, and technological challenges such as the rising cost of development, car manufacturers have slowed down the forecasts for the mass adoption of self-driving cars, the Geely deal was a welcome boost for Zenuity.
He said on Wednesday that the deal would have to include Geely, the range of the auto-brands, including Geely Automobile, performance, brand, Business, a subscription-based electric car manufacturer, Lynk & Co, a British sports car maker Lotus.
Sweden is a Veoneer said earlier this year that it was conducting a review of, and searching for new efficiency measures at Zenuity, as well as raising money in order to shore up its working capital.
Zenuity, where the customers are, among others, Volvo and Geely Auto, with more than 600 people, and in January won approval to start using the “hands-free” testing of the software for self-driving volvo cars on Swedish roads.
It is not to compete with the larger competitors in the self-driving technology, where AMERICAN companies are leading the way, with Google’s Waymo last year, winning the first approval to test the cars, without the safety and security of drivers on California’s roads.
Gothenburg-based Zenuity was founded in 2017, the Volvo, which Geely bought from Ford in 2010, and the Trials of the former parent company of the Veoneer who, then, made a 1.1 billion Swedish kronor ($115 million) capital injection into the company.
Reporting by Esha Vaish in Stockholm; Editing by John Hellstrom, Alexander Smith,