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Ford, VW join forces on electric, autonomous cars

Video Credit: Reuters Studio - Duration: 01:17s - Published
Ford, VW join forces on electric, autonomous cars

Ford, VW join forces on electric, autonomous cars

Ford and Volkswagen joined forces to develop autonomous and electric cars on Friday and said they were also looking at other areas of cooperation, deepening a global alliance to slash development and manufacturing costs.

Francis Maguire reports.

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Another car industry tie-up Friday in the race to develop electric and autonomous vehicles.

U.S. automaker Ford and Germany's Volkswagen the latest to join forces and pledge billions of dollars in investment.

The venture strengthens an alliance between the two companies to slash development and production costs.

They already cooperate in commercial vehicles as part of the industry's wider effort to redraw production and sales footprints.

But Friday's announcement marks their first joint move into electric and autonomy development.

VW said it will invest $2.6 billion in Ford's self-driving cars venture Argo AI.

While Ford will build an electric car using VW's MEB electric vehicle platform.

Ford expects to build more than 600,000 electric vehicles in Europe over six years.

They will source components and the vehicles' underpinnings from VW, which helps both companies drive down costs.

VW will contribute its Autonomous Intelligent Driving company to Argo and pay $500 million over three years to Ford for shares in Argo.

The joint venture follows a trend among car manufacturers.

In June VW's German rival BMW teamed-up with Britain's Jaguar Land Rover to jointly develop electric motors.





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