logo
Plus   Neg
Share
Email

Ford In Deal With Volkswagen To Make Electric, Autonomous Vehicles

Ford Motor Co. (F) and Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE) entered in to a deal to invest in the autonomous vehicle platform company Argo AI for introducing autonomous vehicle technology in the U.S. and Europe, the companies said.

Volkswagen will invest about $2.6 billion in Ford's autonomous-vehicle partner, Argo AI, in a deal that values the startup at more than $7 billion.

The collaboration allows both automakers to independently integrate Argo AI's self-driving system into their own vehicles. The alliance does not involve cross-ownership between the companies.

Ford and Volkswagen will have an equal stake in Argo AI, and combined, Volkswagen and Ford will own a considerable majority.

Ford said it will use Volkswagen's electric vehicle architecture and Modular Electric Toolkit (MEB) to design and build at least one high-volume fully electric vehicle in Europe for European customers starting in 2023.

Ford and Volkswagen are on track to develop commercial vans and medium pickups for each brand in select global markets starting in 2022.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
Whole Foods Market stores have recalled Decorated Red Apple Cookies as they may contain undeclared egg. People who have an allergy or severe sensitivity to these allergens run the risk of serious or life-threatening allergic reaction if they consume these products. The cookies were sold by the... Norwex has announced voluntary recall of about 58,000 rubber brooms due to laceration hazard. According to the company, handles of the recalled brooms can break in half, exposing a metal inner rim, posing a laceration hazard to the user. The recall involves extendable indoor/outdoor white rubber... Amazon.com Inc. has expanded its AmazonFresh grocery delivery service to three new cities. Beginning today, Amazon Prime members in Houston, Minneapolis and Phoenix can shop thousands of products, ranging from meat and seafood to fresh produce and everyday essentials. The groceries will be delivered to their homes in two hours or less, with options for one-hour and two-hour delivery.
Follow RTT