Volkswagen said Friday that it would invest $2.6 billion (€2.3 billion) in autonomous driving company Argo AI as part of an alliance with Ford to share the high risks and costs of developing self-driving, electric vehicles. The German carmaker said it would invest $1 billion in cash in the Pittsburgh-based company and add its own $1.6 billion-valued autonomous driving unit to the arrangement. VW’s investment would give it and Ford an equal stake in Argo AI and, together, they will have a majority interest in the company valued at $7 billion. Read more: China is most important battleground for carmakers “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 CEO Jim Hackett said. Watch video 02:38 Share Electromobility – a viable alternative? Send Facebook Twitter google+ Whatsapp Tumblr linkedin stumble Digg reddit Newsvine Permalink https://p.dw.com/p/3LSQ8 Explained: Electromobility – a viable alternative? The carmakers also said Ford would use VW’s existing electric vehicle technology to develop a fully-electric car for European customers. The Detroit-based manufacturer said it hopes to sell 600,000 electric cars a year starting in 2023. VW… Read full this story
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