Volvo Invests In Silicon Valley
Volvo Cars has opened a new fund for investment around the world in technology projects with high potential. Volvo Cars Tech Fund is the next step of the company to modernization and technological leadership in the coming years.
The fund will invest in strategic technologies that appear in the automotive industry, such as artificial intelligence, electrification, autonomous driving and digital mobility services.
The Swedish automaker decided to start with investing in Silicon Valley in the US.
Those projects in which Volvo will invest will accelerate the pace of product development, gain access to the worldwide network of Volvo partners and markets, including the increasingly profitable Chinese market.
We seek to invest in companies that can provide us with strategic access to new technologies, capabilities and talent,
said Zaki Fasihuddin, who is currently Vice President of Strategic Partnerships in the Volvo Cars Silicon Valley Technology Center, and has been appointed CEO of the Volvo Cars Tech Fund.
Thus, by supporting promising young companies at the forefront of technological development, Volvo is strengthening its position as the technological leader of the global automotive industry.
In an effort to improve the level of its digital services, last year Volvo acquired the assets and key personnel of Luxe – a US company which specializes in the premium valet and concierge service. In partnership with Uber, the company also develops autonomous automotive technologies.
Source: Motor 1