Volvo has received a €245m (£217m) loan from the EU-owned European Investment Bank (EIB), to be invested in research & development for autonomous vehicles.

The loan will be used to fund research in four development areas for autonomous or semi-autonomous cars. These include: more energy-efficient petrol engines; safety systems like collision avoidance and driver assistance; connectivity and navigation; and creating a new battery-powered vehicle by 2019.

Alexander Stubb, EIB vice-president with responsibility for Northern Europe, said: “We are happy to support a European car maker in addressing the disruptive technology shifts towards e-mobility and autonomous driving.

“Volvo Cars’ research and development projects will contribute to making their cars safer, cleaner and greener, which benefits us all.”

European Commission vice-president Jyrki Katainen said: “The Investment Plan for Europe is boosting innovation throughout Europe, and today’s announcement is yet another example.

“This research and development project by Volvo will push the boundaries of automotive technology in Europe and take us another step closer to a low carbon economy.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.