Veoneer and Volvo Cars finalize split of software joint venture Zenuity
Stockholm, Sweden, July 2, 2020: The automotive technology company, Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), has finalized the split of Zenuity, its software and ADAS joint venture with Volvo Cars. As part of the split, Veoneer received IP licenses and strengthened its software and systems team with around 200 software engineers joining the Company. On April 2, Veoneer and Volvo Cars announced a preliminary agreement to split the software joint venture Zenuity in order for each company to more effectively drive their respective strategies. The parties entered into definitive