Schaeffler Technologies AG acquires Space Drive from Paravan GmbH

Schaeffler is acquiring the the drive-by-wire technology since it thinks it will play an key role in the coming self-driving range of vehicles.

On Monday, Schaeffler Technologies AG, a German automotive supplier disclosed it was in the process of acquiring Space Drive, a drive-by-wire technology provider, from Paravan GmbH since it 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, thus eliminating the need for a steering wheel.

“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,” said Schaeffler in a statement.

As part of the deal, Paravan and Schaeffler are creating a joint venture which will see Schaeffler holding a 90% stake.

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