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Ford, Volkswagen expand alliance to electric autos

Volkswagen will invest $2.6 billion in capital and assets in Ford's self-driving unit Argo AI to market new-technology vehicles in the United States and Europe.

Picture: vw.co.za

NEW YORK - Global auto giants Volkswagen and Ford announced Friday they were expanding their alliance to include the development of self-driving cars.

Volkswagen will invest $2.6 billion in capital and assets in Ford's self-driving unit Argo AI to market new-technology vehicles in the United States and Europe.

"While Ford and Volkswagen remain independent and fiercely competitive in the marketplace, teaming up and working with Argo AI on this important technology allows us to deliver unmatched capability, scale and geographic reach," Ford chief Jim Hackett said in a statement.