Veoneer Selected Partner to Develop Mono Vision Camera Systems
(Stockholm, Sweden, May 29, 2018) – Autoliv, Inc. (NYSE: ALV and SSE: ALIVsdb), the worldwide leader in automotive safety systems, announced today that Veoneer, its electronics business, has been selected by one of the world’s leading automakers as a partner to develop and produce mono vision camera systems comprised of camera hardware, software and algorithms. Veoneer is expected to be spun-off from Autoliv at the end of June 2018 and be one of the automotive industry’s newest and most experienced technology companies.
Veoneer’s mono vision system is designed to meet or exceed the market standards set by NHTSA and European NCAP for 5-star safety ratings. Veoneer is the only supplier capable of meeting 5-star safety ratings with hardware, software and detection algorithms fully developed in-house, using a single mono vision camera system.
Veoneer’s mono vision camera systems are best in class for pedestrian detection, forward collision warning, and lane keep assist. Starting in 2022, Veoneer will begin delivering mono vision camera systems for this customer. As Autoliv Electronics, Veoneer has a demonstrated history of exceptional product quality and manufacturing capabilities as a leading supplier of vision cameras for pedestrian detection, animal detection and warning on existing vehicles.
“We are honored to have Veoneer selected as a partner to develop and build mono vision camera systems. We have made tremendous progress in developing a world class mono vision system, built on 10 years of in-house algorithm expertise, fueled by our daily pursuit to reduce accidents and save lives,” says Jan Carlson, Autoliv Chairman, President and CEO. Jan Carlson will serve as President and CEO of Veoneer after the spin-off.
Thomas Jönsson, Group Vice President Communications. Tel +46 (0)8 587 206 27
Veoneer has the ambition to be a leading system supplier for advanced driver assistance systems (ADAS) and autonomous driving as well as a market leader in automotive safety electronics products. Veoneer designs and builds state-of-the-art hardware, software, and electronic systems and its offering includes active safety products such as automotive radars, cameras with driver assist systems, night vision systems and positioning systems, restraint control systems, and brake systems. Veoneer and its joint-ventures has 7,500 employees in 13 countries. Veoneer is currently a subsidiary of Autoliv, Inc. with its stock-listing expected July 2018 on the New York Stock Exchange under the symbol “VNE” and on Nasdaq Stockholm under the symbol “VNE SDB”.
Autoliv, Inc. is the worldwide leader in automotive safety systems, and through its subsidiaries develops and manufactures automotive safety systems for all major automotive manufacturers in the world. Together with its joint ventures, Autoliv has more than 72,000 employees in 27 countries. In addition, the Company has 23 technical centers in nine countries around the world, with 19 test tracks, more than any other automotive safety supplier. Sales in 2017 amounted to about US $10.4 billion. The Company's shares are listed on the New York Stock Exchange (NYSE: ALV) and its Swedish Depository Receipts on Nasdaq Stockholm (ALIV sdb). For more information about Autoliv, please visit our company website at www.autoliv.com.
Safe Harbor Statement”
This release contains statements that are not historical facts but rather forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements include those that address activities, events or developments that Autoliv, Inc. or its management believes or anticipates may occur in the future, including those related to the completion and timing of the spin-off and distribution, including the satisfaction of the conditions to the distribution and the receipt of all required regulatory approvals, and the expected performance of Autoliv and Veoneer following completion of the spin-off. All forward-looking statements are based upon our current expectations, various assumptions and/or data available from third parties. Our expectations and assumptions are expressed in good faith and we believe there is a reasonable basis for them. However, there can be no assurance that such forward-looking statements will materialize or prove to be correct as forward-looking statements are inherently subject to known and unknown risks, uncertainties and other factors which may cause actual future results, performance or achievements to differ materially from the future results, performance or achievements expressed in or implied by such forward-looking statements. Numerous risks, uncertainties and other factors may cause actual results to differ materially from those set out in the forward-looking statements, including general economic conditions and fluctuations in the global automotive market. For any forward-looking statements contained in this or any other document, we claim the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995, and we assume no obligation to update publicly or revise any forward-looking statements in light of new information or future events, except as required by law.