October 19, 2018 / 8:28 AM / a month ago

ZF takes 35 percent stake in autonomous driving specialist ASAP

FRANKFURT (Reuters) - Car parts maker ZF Friedrichshafen said on Friday it acquired a 35 percent stake in ASAP, a Germany-based maker of software and testing systems for autonomous driving applications and electric vehicles.

ASAP specializes in car-to-x communication, human-machine interfaces and electronic architecture and last year generated sales of 84 million euros. It employs 1,100 staff.

ZF’s Chief Executive Officer Wolf-Henning Scheider recently said ZF will invest about 12 billion euros in electromobility and autonomous driving over the next five years.

A purchase price for the ASAP stake was not disclosed.

Reporting by Arno Schuetze, editing by Riham Alkousaa

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