Auto Supplier ZF Group Signs Deal with Nio By Investing.com

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Auto Supplier ZF Group Signs Deal with Nio

Published Oct 14, 2022 14:26

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Auto Supplier ZF Group Signs Deal with Nio

NIO

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By Michael Elkins

October 11th, German auto parts supplier, ZF Group signed a strategic cooperation agreement with electric vehicle maker, Nio Inc (NYSE:NIO) to cooperate on steering-by-wire products and other fields.

Under the agreement, the two companies will establish an instant information sharing mechanism to step up communication and conduct regular technical exchanges, in a bid to jointly hammer out industry-leading processes and quality standards.

The signing of this agreement also marks the first time that ZF Group has secured a steer-by-wire business deal in the Asia-Pacific region. It also indicates that both sides are committed to promoting reform and development in many fields such as automated driving and vehicle electrification.

Shares of NIO are down 7% near end of day trading on Friday.

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