Sometimes, technology appears to be nearly perfect, fulfilling all of the defined requirements. Yet engineers continuously strive to find ways to improve it. This is the story of 125 years of automotive history. And it's also the mission that FEV is committed to. Even as they perform their daily development project work, our engineers are always thinking outside the box, looking for a better way. Since FEV's foundation in 1978, we have continually funded internal research programs that are typically well ahead of the industry's mainstream development trends and, as a result, our customers benefit from the know-how we develop. FEV engineers are highly motivated to develop these innovations and turn them into reality.
Vertically, we have focused our internal research projects on the further improvement of engine technology. We are proud to have been involved in many innovations that, today, are production technologies powering vehicles around the world. Horizontally, we have extended our business to other aspects of the vehicle, such as transmission technology, hybrid systems or traction batteries. Most recently, we have started to apply our skills and know-how to other complimentary industries where our clients can share our expertise and enjoy the benefits of FEV's store of knowledge and experience.
If you are looking for the common thread that connects all our activities, it can be found behind the "E" in our company's name: energy. FEV is dedicated to finding and developing the most efficient, sustainable and environmental forms of energy utilization. Today, this topic is at the top of almost every political and social agenda and FEV is proud of having concentrated on this goal since our foundation in 1978.
While we are focused on technological progress, we never lose sight of the market's requirements. Our efforts are only compensated once the innovations we have worked on find their way to reality -- and when that happens, our engineers refocus in an endless pursuit of technology perfection. That is the FEV value proposition and the substance behind offering a fruitful partnership to each of our customers.
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