Ford, Volkswagen to deepen alliance on self-driving, electric vehicles – Fox Business

Ford Motor Co. and Volkswagen are poised to deepen their alliance to develop electric and self-driving vehicles, FOX Business has learned.

Continue Reading Below

Details of the announcement expected on Friday were not immediately available. Several media reports, however, indicated that Volkswagen would share its proprietary electric vehicle platform with Ford. In return, the German carmaker may invest in Argo AI, Ford’s autonomous partner.

Ticker Security Last Change %Chg
F FORD MOTOR COMPANY 10.19 +0.08 +0.79%

“Our talks with Volkswagen continue. Discussions have been productive across a number of areas. We will share updates as details become more firm,” a Ford spokeswoman said in a statement.

MORE FROM FOXBUSINESS.COM…

Automotive manufacturers are increasingly partnering to advance work on self-driving cars, given the high cost of developing the technology. It could also be years, if not decades before carmakers can profit off of autonomous vehicles.

General Motors, for example, has partnered with Honda and Japan’s SoftBank on its own self-driving effort.

Meanwhile, tech firms like Google and Apple that are also working on autonomous driving technology have substantially more available funds to invest in developing the products, putting more pressure on legacy automakers.

CLICK HERE TO GET THE FOX BUSINESS APP

Ford is in the midst of an $11 billion restructuring effort. The Dearborn, Michigan-based company recently said it would lay off 12,000 workers in Europe and revamp operations in the region as part of the overhaul.

“Ford will be a more targeted business in Europe, consistent with the company’s global redesign,” European president Stuart Rowley said in a June statement.

Source : Google News

Leave a Reply

Your email address will not be published. Required fields are marked *