Paris, March 18, 2016 – Valeo today announced the 24 teams selected by its 70 experts to move onto the second stage of the Valeo Innovation Challenge. Twelve countries on four continents are represented in this year's contest: Belgium, Denmark, Egypt, France, Germany, India, Japan, Malaysia, Mexico, Spain, Turkey, and the United States.
Of the 24 teams selected for this third annual Challenge, 13 are competing in the "technological innovation" category and 11 in the "idea for new ways of using cars" category.
The teams now have until July 15 to test, improve and prototype their ideas using a €5,000 grant from Valeo. When this stage is complete, eight finalist teams from both categories combined will be chosen to present their project to a grand jury at the Paris Motor Show.
Chaired by Valeo’s Chairman and Chief Executive Officer Jacques Aschenbroich, the jury will be composed of members of the group's senior management team, as well as prominent figures in the fields of science, the arts, politics and economics in order to encompass the variety of the competing projects.
The winning team in each category will take home €100,000 in prize money and the second-placed teams in each category will receive €10,000.
The Valeo Innovation Challenge invites students from around the world to play an active role in automobile innovation by designing the product or system that will create smarter, more intuitive cars by 2030.
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With the Valeo Innovation Challenge, Valeo is demonstrating once again that innovation and R&D are the Group's top priorities. Day in, day out, its teams are guided by a constant commitment to innovation as they work to invent the car of tomorrow.
Most of Valeo's research and development programs are focused on the design of technologies that reduce motor vehicle CO2 emissions and promote intuitive driving. The company ranks among the leading patent filers in France, dedicating nearly 11% of its original-equipment revenue to innovation. With more than 11,600 researchers in 52 research and development centers around the world, Valeo has developed a wide array of innovative products and technologies that represent 37% of its order intake.
Valeo is an automotive supplier, partner to all automakers worldwide. As a technology company, Valeo proposes innovative products and systems that contribute to the reduction of CO2 emissions and to the development of intuitive driving. In 2015, the Group generated sales of €14.5 billion and invested over 10% of its original equipment sales in research and development. Valeo has 134 plants, 17 research centers, 35 development centers and 15 distribution platforms, and employs 82,800 people in 30 countries worldwide.
Valeo is listed on the Paris stock exchange and is a member of the CAC 40 index.
For more information about the Valeo Group and its activities, please visit our website, www.valeo.com
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