Mexico. SaverOne signed an original equipment manufacturer (OEM) agreement with Volvo Bus Corporation, a subsidiary of global automotive giant Volvo Group.
The agreement covers Volvo buses in the Mexican passenger car bus market, a market in which Volvo is a leader with approximately 50% of the market share of new passenger car sales.
Under the OEM agreement, SaverOne's safety solution, known as the "Driver Distraction Prevention System" (DDPS), which aims to reduce distractions and accidents related to mobile phones, will be installed in new Volvo buses manufactured for the Mexican market.
Volvo Bus customers in Mexico will be offered the SaverOne safety solution pre-installed, following integration into Volvo's assembly line. In addition, the agreement also allows for a modernization of the existing buses covered by Volvo's maintenance agreement (representing approximately 3,000 buses on the market), which will install SaverOne's safety solution as an aftermarket facility. The agreement also provides Volvo with two years of exclusivity in the OEM market in Mexico.
In addition to SaverOne selling its safety solution to Volvo for installation in its vehicles, SaverOne will also provide twelve months of service and support to Volvo bus customers. After that period, Volvo bus customers will continue to receive SaverOne's comprehensive service package for an ongoing monthly fee.
Ori Gilboa, CEO of SaverOne, said: "We are very proud to cooperate with Volvo Bus Corporation. This strategic agreement marks an important milestone for SaverOne's penetration into international markets and especially in the Latin American market. It marks a strong step forward in our mission."
"We are excited about the positive impact our technology will have on the safety of drivers and passengers in the country," he added.
