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.