Delphi Automotive said it will rename its automated driving business to reflect its focus on keeping up with future technologies. The new name is Aptiv.
The supplier, which announced in May that it was spinning off its powertrain division so it could focus the main part of the company on future technologies, made the announcement Wednesday at an event for investors. The new electric architecture and autonomous driving-focused business will trade under the ticker APTV. The powertrain company will keep the Delphi name as Delphi Technologies.
"The names Aptiv and Delphi Technologies clearly reflect the independent identities, visions and directions of the two companies," Delphi CEO Kevin Clark, who will serve as CEO of Aptiv once the spin-off is completed in March, said in a statement. "The name 'Aptiv' reflects knowledge, adaptiveness and drive, as well as an ability to not only envision the future, but to make it real."
Aptiv will focus on the "brain" and "nervous system" of vehicles, the company said, developing active safety systems, electrical architecture, connected services and software necessary for automated driving.
Glen De Vos, Delphi's chief technology officer, who will fill the same role at Aptiv, said the separation of businesses will allow the supplier to move faster in the field of rapidly advancing technologies.
"If you stay where you are, you're going to get marginalized," De Vos said a meeting with reporters earlier this month. "We want to be creating value in software, and this change, we think, is the most effective way to set the stage to do that."
Delphi has been working with BMW, Intel, Continental and Fiat Chrysler Automobiles on a jointly developed automated driving platform. It is also working on its own end-to-end autonomous platform, expected to launch in 2019.
The supplier has been investing in connected services, acquiring over-the-air update software company Movimento in January, and entering into a commercial partnership with data marketplace startup Otonomo in April.
Aptiv "is moving off the vehicle and to the cloud, it's moving from hardware to software, which means our investments, our priorities, our market, and in some cases, our customers, are changing significantly," De Vos said.
Delphi Technologies, which will trade under the DLPH ticker, will continue to develop combustion and electrified powertrain offerings. Liam Butterworth, Delphi's president of powertrain, will serve as CEO of the spun-out company.