Luxembourg/ Friedrichshafen- The European Investment Bank (EIB)., is lending €425 million (INR 38,750 crore) loan to German automotive supplier ZF Friedrichshafen AG., to support their €1.3 billion (INR 11,840 crore) investment in R&D for innovative braking and steering technologies. ZF will be able to remain competitive as the mobility sector moves towards highly automated driving. The company is already pioneering the development and industrialisation of modern chassis systems.
The European Investment Bank's loan will fund the development of x-by-wire technology, including steer-by-wire systems, which eliminate the mechanical link between the steering wheel and steering system. These advancements are crucial for higher vehicle automation, enhancing control, steering flexibility, high-speed stability, and overall safety and comfort. The project emphasizes software integration, moving towards centralized vehicle control systems, essential for autonomous driving.
Around 30% of the investment will go to EU cohesion regions like Poland, Romania, and the Czech Republic, promoting efficient and sustainable mobility in Europe. The initiative will also create and safeguard jobs, focusing on training in new skills, particularly software. This marks the third collaboration between the EIB and ZF, following projects in 2016 and 2021 to improve combustion engine efficiency and drive innovation in autonomous driving.
Ms. Nicola Beer EIB Vice-President, said, "This project is an excellent example of how the EIB supports the innovation capacity of the European transport and automotive industry. Technological leadership in the field of highly innovative braking and steering systems is of great importance to strengthen the competitiveness of the European industry and to secure jobs along the entire value chain. This transaction underlines the successful strategic cooperation with ZF, a supplier with high innovative strength in this future area."
Mr. Michael Frick, ZF Management Board member, is responsible for IT, equity investments and passive safety technology as well as finance in the ZF Group. "We are pleased to continue our longstanding partnership with the EIB. "The EIB stands for long-term financing and is recognised as a sustainable investor. That suits us well as a company with two foundations as shareholders."
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