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
Horse Powertrain reveals hybrid conversion for electric cars
Engine-making joint venture of Geely and the Renault Group announces new hybrid powertrain that fits into the same space...
Aisin to produce hybrid motor for Mitsubishi in Thailand
The hybrid drive motor and gearbox, will be produced at Aisin Powertrain (Thailand) Co for use in the Mitsubishi XForce ...
GM reports strong Q1 sales in China, demand for EVs and hybrids surges 53%
General Motors and its joint ventures in China have sold more than 442,000 units between January and March 2025.