Volvo Independently Develops Software for Smart Car Integration

Establishment of a Joint Venture with Chinese Smart Car Technology Startup Ikas

[Asia Economy Reporter Yujin Cho] Volvo Cars, a Swedish automaker under China's Geely Group, announced on the 23rd (local time) that it will independently develop software for smart car integration, according to major foreign media reports.

According to the reports, Volvo stated that it will establish a joint venture with EcarX, a smart car technology startup co-founded by China's Geely Automobile Group, to independently develop infotainment function control software for smart car integration.

The joint venture is scheduled to launch in the third quarter, led by Jan-Erik Larsson, Volvo's head of research and development (R&D) in China.

Headquartered in Gothenburg, Sweden, the joint venture plans to commercialize the independently developed vehicle software and sell it not only to Volvo and Geely but also to other automakers.

Li Shufu, chairman of Geely Group, said, "We expect that the establishment of this joint venture will create new business revenue streams."

EcarX, co-founded by CEO Sean Jiu and Geely Group Chairman Li Shufu, possesses technology to develop software such as ultra-high-definition maps and communication sensors for connected cars and autonomous vehicles.

Last month, led by Baidu, China's largest search engine company, EcarX raised $200 million, and in October last year, it raised $195 million, with the company's valuation at $2 billion at the time of fundraising.

This content was produced with the assistance of AI translation services.