Volvo sells 75% of its stake in WirelessCar to VW
WirelessCar, provides connected vehicle solutions and services for global car OEMs.
The Volvo Group today signed an agreement to divest 75.1% of the shares in its wholly-owned subsidiary WirelessCar, a connected vehicle service and solutions provider to the Volkswagen Group. The sales price amounts to SEK 1.1 billion (Rs 855 crore). Closing of the transaction is expected during the first half of 2019.
Jan Gurander, deputy CEO of the Volvo Group, said, “We are committed to remaining the leader within the field of connectivity and connected services. This agreement will enable us to fully focus our resources and efforts on connected solutions for commercial vehicles.”.
WirelessCar is said to have over 3 million active connected cars across the globe and revenues for 2018 are expected to reach approximately SEK 0.5 billion (Rs 388 crore). WirelessCar is based in Gothenburg, Sweden, with offices in USA and China.
RELATED ARTICLES
US tariffs will hurt both automakers and US manufacturing: ACEA
European Automobile Manufacturers’ Association says that the EU and the US must engage in dialogue to find an immediate ...
Trump levies 25% tariff on all cars imported to US
President Donald Trump claims new levy on all cars and car parts shipped into the country will create "tremendous growth...
Hyundai opens its third factory in the US: Metaplant America
Hyundai Motor Group Metaplant America's vehicle assembly and battery plant is the key pillar of the Hyundai Motor Group’...