Volkswagen and Ford strengthen electric vehicle manufacturing
Both companies announced an improvement in the construction of this type of cars and also the autonomous models
Volkswagen and Ford announced today the expansion of their alliance to manufacture electric and autonomous cars, as reported in New York their respective CEO, Herbert Diess and Jim Hackett.
The German automaker will invest 2,600 million dollars in Argo AI, a Ford company dedicated to autonomous automobiles, as part of this new expansion.
The amount comes from 1,000 million financial investment and VW’s own autonomous smart cars division (AID), which has 200 workers and is valued at the remaining 1,600 million.
Ford, in return, plans to produce hundreds of electric vehicles for the European continent using the VW platform known as MEB.
The current headquarters of AID in Munich will also be the headquarters of ARGO AI. Both companies will have an equivalent stake in the resulting subsidiary, after assessing ARGO AI in 7,000 million dollars.