STOCKHOLM, Feb. 5, 2020 /PRNewswire/ -- Veoneer, Inc. (NYSE: VNE and SSE: VNE SDB), the world's largest pure-play company focused on Advanced Driving Assistance Systems and Automated Driving, and its software joint venture Zenuity, have been selected by a global, Asia-based, automaker to supply an active safety system based on its next generation Mono Vision and Radar System. This is the eighth customer for Veoneer's in-house developed vision system.
Veoneer's scalable system has been developed to meet Euro NCAP 5-star safety rating as well as providing several driver assistance features such as highway assist, lane centering control, stop and go adaptative cruise control, automatic emergency braking, traffic sign recognition and automated high beam control. These are the main build blocks for higher levels of automated driving.
Veoneer's camera centric system architecture is based on in-house computer vision algorithms complimented by radar based perception to cover the full spectrum required by Euro NCAP. Hosted in the camera is Zenuity's software, fusing information from the camera and radar enabling high reliability, safety and availability of the system. In addition, innovative features such as road surface profile and advanced path predication will be deployed to enhance the user experience.
Starting in 2022, Veoneer expects to begin delivering the system to this customer.
"We are truly honored to be selected by yet another global automaker to develop and build a state-of-the-art active safety system," says Jan Carlson, Veoneer's Chairman, President and CEO. "This is an important proof-point of how our world class solutions support collaborative driving and create trust in mobility."
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 9,200 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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