ANNOUNCEMENT 14 Dec 2018

In December 2018, the European Investment Bank (EIB) signed a loan agreement with ALMOTIVE KFT to support its engineering, research and development activities related to self-driving technologies and solutions.

NUMBER OF INTERVENTIONS

1

  • 1 harmful
  • 0 neutral
  • 0 liberalising

SOURCE

The European Investment Bank, Financed Projects, AIMOTIVE (EGFF): https://www.eib.org/en/projects/loans/all/20170800
The European Investment Bank, Project summary, AIMOTIVE (EGFF): https://www.eib.org/en/projects/pipelines/all/20170800
ALMOTIVE: https://aimotive.com/company/

Inception date: 14 Dec 2018 | Removal date: open ended

State loan

On 14 December 2018, the European Investment Bank (EIB) and ALMOTIVE KFT signed a loan agreement having a total value of EUR 20 million (approx. USD 22.6 million). 

The loan will support the company's engineering, research and product development activities related to self-driving car technologies and solutions.

According to the EIB: "The project is expected to enable development, market acceptance and deployment of highly-automation and autonomous driving vehicles. Capital and operating expenditures (mainly ICT equipment, materials and tooling), including the permanent increase of indirect costs and working capital to support the growth of the company, will be incurred in Hungary."

ALMOTIVE KFT has its headquarters in Hungary with offices in Japan and the United States. The company provides software and hardware autonomous driving solutions.

A state act in the GTA database is assessed solely in terms of the extent to which its implementation affects foreign commercial interests. On this metric, the investment support granted here is discriminatory. 

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