Volkswagen And Ford Reveal New Details About Their Self-Driving Partnership
Ford and German automaker Volkswagen are reportedly close to finalizing a new joint venture to develop self-driving vehicles and technologies.
According to Business Insider, the deal will build off a separate agreement the firms announced earlier this year.
VW will reportedly invest $1.7 billion in Argo.ai, which is Ford's autonomous vehicle technology subsidiary.
The investment will give both Ford and VW a 50% stake in Argo, effectively making it a joint venture.
VW may also fold other parts of its business into the joint venture, including Audi's self-driving tech development unit and Moia, VW's mobility services segment.