- The goal of the investments is to drive innovation at CIE Automotive and develop more sustainable manufacturing technologies in the automotive sector.
- This EIB operation supports innovation and sustainability in a strategic sector for the EU economy.
The European Investment Bank (EIB) and CIE Automotive have signed a loan worth €36 million to finance the company’s research, development, and innovation activities, as well as their application in the manufacture of high value-added components for the automotive sector.
The financing will also support CIE Automotive’s investments in process optimisation through digitalisation, and in the development of more sustainable manufacturing technology.
The investments will take place in the company’s facilities in Spain, Germany, France, and Italy, some of which are located in cohesion regions.
“Loans such as the one for CIE Automotive reflect the EIB’s commitment to innovation and sustainability in the European automotive sector,” said Antonio Lorenzo, head of the EIB’s Corporate Lending in Spain Division. “With this new financing, we are providing the resources needed to strengthen the technological research and development activities of Spanish multinationals such as CIE Automotive, which are key to ensuring Europe’s leading position in the automotive sector.”
The partnership between CIE Automotive and the EIB dates to 2009. Since then, the EIB has helped to finance the company’s research and development activities, strengthening its ability to compete globally.
According to Chief Executive Officer of CIE Automotive Jesús María Herrera, “The signing of this loan — the fourth between the EIB and CIE in the last 15 years — builds on our partnership of ongoing support for the efficiency, innovation, and competitiveness of the Spanish automotive industry in a sector as globalised as ours. This loan is also part of CIE’s structural financial diversification strategy, supplementing commercial and institutional financing.”
The EIB operation will boost the competitiveness of the European Union and help to reindustrialise a sector undergoing transformation due to the impact of developments such as electrification and digitalisation. It will also help to create and sustain high value-added jobs in four EU countries.
Background information
EIB
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investments that contribute to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The European Investment Bank Group (EIB Group), consisting of the European Investment Bank (EIB) and the European Investment Fund (EIF), reported total financing signatures in Spain of €11.4 billion in 2023, approximately €6.8 billion of which went to climate action and environmental sustainability projects. Overall, the EIB Group signed €88 billion in new financing in 2023.
CIE Automotive
CIE Automotive specialises in high value-added processes. It designs and manufactures vehicle components and sub-assemblies globally at 110 production sites across 17 countries and four continents, mastering all the different manufacturing technologies available.
Listed on the Madrid and Bombay stock exchanges, with a turnover of €4 billion and more than 25 000 employees at the end of 2023, CIE Automotive is one of the biggest suppliers in the European automotive sector.