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 the 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

By Michael Elkins | [email protected]