Schaeffler buys drive-by-wire technology for autonomous vehicles


BERLIN (Reuters) – German automotive supplier Schaeffler (DE:SHA_p) is acquiring drive-by-wire technology Space Drive from Paravan GmbH, which it said on Monday would play a key role in self-driving cars.

Space Drive, initially developed by Paravan to help people with physical disabilities, allows for vehicles to be steered and stopped by purely electronic means, eliminating the need for a steering wheel or steering column.

“Even in part-time autonomous passenger cars with steering wheels, the space saved by eliminating the steering column opens up completely new possibilities for vehicle and cab interior design,” Schaeffler said in a statement.

As part of the transaction, Schaeffler and Paravan are creating a joint venture that will be 90 percent owned by Schaeffler Technologies AG.

Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.