The Federal and Victorian Governments have announced a joint $63 million round of funding for automotive company Nexteer Australia.

 

The funding, to be delivered over the next three years, will assist the company to develop and manufacture its innovative lightweight technology and create more than 250 jobs.

 

Nexteer's technology involves electric power steering systems, and lightweight steering column and drive line components - significantly reducing greenhouse gas emissions and fuel consumption. This technology will be supported by a new Melbourne Manufacturing Technical Centre.

 

Federal Innovation Minister Senator Kim Carr said the project represents a major investment by a large global company in Australia's automotive supply chain and brings new manufacturing capability here for the long term.

 

The funding for Nexteer forms part of the Federal Government’s $5.4 billion New Car Plan.