VW acquires 75.1% stake in WirelessCar
The Volkswagen Group is acquiring a majority stake in WirelessCar from Volvo with a view to making further advances in fleet connectivity.
The Volkswagen Group is acquiring a 75.1% stake in WirelessCar. Completion is expected in the first half of 2019 and is subject to approval from antitrust authorities.
WirelessCar registered in Gothenburg was founded in 1999 and has been a wholly-owned subsidiary by Volvo since 2007. The Swedish company has a workforce of some 370 IT experts worldwide. WirelessCar has its own technology platform and also develops digital services, including concierge and billing services (e.g. tolls) as well as safety and emergency services (e.g. remote diagnostics, breakdown services).
The Volkswagen Group is using WirelessCar’s connectivity technology to drive the development of the digital ecosystem. The goal is to provide full connectivity in future vehicle generations and develop value-added services for customers that they can access via the Volkswagen Automotive Cloud. WirelessCar joins Microsoft and diconium as the third major technology partner involved.
Martin Rosell, CEO of WirelessCar, said, ‘Volkswagen is our ideal partner for the next stage in our development. Volkswagen has the most ambitious future strategy for connectivity in the automotive industry. This aspiration is the perfect match for our vision to lead the automotive industry into the digital society. We are highly motivated and willing to play our part to make a difference.’