Veoneer Joins Autonomous Vehicle Computing Consortium to Accelerate Development of Autonomous Vehicles

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Nov 19, 2019, 03:10 ET

STOCKHOLM, Nov. 19, 2019 /PRNewswire/ -- Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), the world's largest pure-play company focused on Advanced Driver Assistance Systems (ADAS) and Automated Driving (AD), has joined the Autonomous Vehicle Computing Consortium (AVCC) to speed autonomous driving vehicle development.

Veoneer joins leading OEMs, Tier 1 suppliers and semiconductor companies, such as Arm, Bosch, Continental, DENSO, GM, NVIDIA, NXP, Renesas and Toyota, in their collaborative effort to accelerate the delivery of safe and affordable autonomous vehicles at scale.

This is in line with Veoneer's strategic objective to be an industry leader towards collaborative and autonomous driving using a Human Centric Approach. The Company will leverage its technical expertise to deliver high quality solutions meeting customer expectations, with high performance, robustness, precision and scalability. A standardized compute platform capable of covering unsupervised autonomous driving, while being able to scale down to supervised solutions allowing software portability, will be key for addressing the future market needs in a sustainable way.

The primary purpose of the AVCC is to develop a conceptual compute platform architecture, its hardware requirements and software APIs to build an autonomous vehicle ecosystem guided by the objectives of portability, interoperability, scalability and a balance between performance and cost. The conceptual architecture will address a transition from today's prototype systems to deployment at scale.

The path to delivering autonomous vehicles is long, with several technological complexities and obstacles that need to be overcome before the deployment of autonomous vehicles.

"Being a participant in the AVCC fits our strategy to support OEMs with cost-efficient solutions and systems. A conceptual, scalable compute platform will play a critical role in the advancement of autonomous vehicles. We are glad to join AVCC's strong body of expertise and knowledge to help solve the technological challenges we see today," said Nishant Batra, CTO at Veoneer.

"The AVCC is excited to welcome Veoneer in the Consortium as a Core Member. We value Veoneer expertise in the autonomous vehicle space and the Consortium is looking forward for their technical contributions to the working groups and to overall AVCC activities," said Massimo Osella (General Motors), Chairman of AVCC.

Read more about AVCC: https://www.avcconsortium.org/

For more information please contact:
Thomas Jönsson
EVP Communications & IR
tel +46-(0)8-527-762-27

Ray Pekar
Investor Relations
tel +1-(248)-794-4537

Veoneer designs and manufactures products and solutions for active safety, autonomous driving, occupant protection and brake control. Our purpose is to create trust in mobility. Founded in 2018, Veoneer builds on a heritage of close to 70 years of automotive safety development. Headquartered in Stockholm, Sweden, Veoneer has 9,100 employees in 13 countries. In 2018, sales amounted to $2.2 billion. Veoneer is listed on the New York Stock Exchange and on Nasdaq Stockholm

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 Veoneer, Inc. or its management believes or anticipates may occur in the future. 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.

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SOURCE Veoneer