Volkswagen and Ford have announced plans to work closely to develop electric- and self-driving vehicles, the latest automakers to partner in the face of massive changes rocking the auto industry.
Ford CEO Jim Hackett and Volkswagen CEO Herbert Diess appeared together on Wall Street Friday, building on a growing alliance between the two automakers first announced a year ago.With this latest investment, Volkswagen has agreed to join Ford in investing in Argo AI, the autonomous vehicle platform company now valued at $7 billion. The two automakers said they will own a majority of Argo AI.
But he said despite that uncertainty and massive costs, automakers"can't sit on the sidelines and wait for it to happen."That's why cost-sharing arrangements such as this one are necessary."These [joint efforts] are really smart ways ... to make sure the companies are evolving and not taking too much risk," Hackett told investors at the public session.The alliance between the automakers had produced only modest agreements until now.
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