Volkswagen acquired stake in Volvo’s WirelessCar technology for $122 million - Photo by Eric Gandarilla.

Volkswagen acquired stake in Volvo’s WirelessCar technology for $122 million

Photo by Eric Gandarilla.

Volvo has sold off 75% of its connected car unit to Volkswagen, allowing the Swedish luxury brand to focus on its commercial vehicles, reports Reuters.

Volkswagen acquired stake in Volvo’s WirelessCar technology for $122 million, according to CNBC. The connected car unit is a digital service developer that specialized in connected driving.

Volkswagen recently announced that it would spend $50.2 billion electric vehicles, digitization, autonomous technology, and mobility services globally by 2023.

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