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Volkswagen Reportedly To Invest In Ford's Self-Driving Car Unit

Ford Motor Co. (F) and Volkswagen (VKW.L,VLKAF.PK,VOW.BE) plan to announce Friday new joint ventures on autonomous and electric vehicles.

Volkswagen will invest about $2.6 billion in Ford's autonomous-vehicle partner, Argo AI, in a deal that values the startup at $7 billion, according to reports citing people familiar with the matter.

The companies have scheduled a joint press conference at 8 a.m. ET in New York Friday, saying they will "provide an update on their global alliance" and "share details of new collaborations also aimed at better serving their customers while improving each company's competitiveness and capital efficiency."

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