Ford, Volkswagen Promise Details on Electric & Autonomous Vehicle Partnership
HAMBURG/DETROIT (Reuters) - Automakers Ford Motor Co and Volkswagen AG said on Thursday they are expanding their global alliance that was first announced in January. The two automakers said that potential deals are expected to involve collaboration on electric and autonomous vehicles.
Further details on a technology-sharing agreement are expected to be announced at New York press conference on Friday. The companies said Volkswagen Chief Executive Herbert Diess and Ford CEO Jim Hackett would appear together tomorrow in New York, but provided no additional information in a news release.
The automakers could outline more than one agreement. One potential element could be an investment by Volkswagen in Argo AI, the self-driving and robotics company majority owned by Ford.
The value of VW's contribution to the collaboration is more than $2 billion, including about $1 billion invested, said two industry sources who requested anonymity discussing the deal.
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