Autoliv’s electronics spin-off to be named Veoneer
Veoneer’s ambition is to be a leading system supplier for ADAS and autonomous driving as well as a market leader in automotive safety electronics products. When publicly listed, Veoneer’s offering will include safety electronics, sensors and software for active safety, advanced driver assistance systems (ADAS) and autonomous driving (AD) as well as advanced brake control solutions.
“Naming the new company Veoneer reflects that this is an independent company focusing on future technologies,” said Autoliv CEO Jan Carlson. “The Veoneer brand will be a visionary pioneer in automotive electronics, ADAS, automotion and new mobility.” Carlson added that the new company will be prepared to take on the challenges of automation and human machine interaction as vehicles get increasingly intelligent.
After the spin-off, Autoliv’s current Passive Safety segment will continue to operate under the Autoliv name, with continued listings on the New York Stock Exchange and Nasdaq Stockholm.
The spin-off is expected to be completed during the third quarter of 2018 subject to market, regulatory and certain other conditions, including approval by Autoliv’s Board of Directors. There can be no assurance regarding the ultimate timing of the spin-off or that the spin-off will ultimately occur.