7/11, 8:14 PM (Source: TeleTrader)
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Ford, VW to announce deal on electric, self-driving cars

Ford Motor Company and Volkswagen AG scheduled a press conference for Friday at which they are set to announce new joint ventures on self-driving and electric vehicles, CNBC reported on Thursday citing company executives with first-hand knowledge of the talks between the two carmakers.

The companies confirmed they will hold a press conference in New York to "provide an update on their global alliance" and "share details of new collaborations also aimed at better serving their customers while improving each company’s competitiveness and capital efficiency." Meanwhile, the sources, who asked to remain anonymous since the deal has not been officially confirmed, said Volkswagen and Ford agreed to share both intellectual property and hardware and call for "billions of dollars" in investments in future technologies. As a part of the agreement, Volkswagen is also expected to take a stake in Ford's autonomous driving firm Argo AI.

In January, the two automakers announced their partnership on building pickup trucks, delivery vans and noted they also plan to explore collaborating on electric and autonomous vehicles.

Breaking the News / NP