Hackett commented on the partnership stating: "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".
Credit Suisse said an an expanded alliance between the two companies could combine VW's strength in EVs with Ford's in autonomous vehicles, allowing both to "address these challenges in a more capital-efficient manner".
Ford expects to build more than 600,000 electric vehicles in Europe over six years, sourcing components and the vehicle underpinnings from VW, helping both to cut costs.
France adopts controversial tech tax, despite US disapproval
The new tax is expected to raise €400m ($450 million) for the French government in 2019, after which the corpus will grow. Most tech giants have offices in countries like Ireland or Luxembourg, where low tax regimes prevail.
Ford may leverage its access to VW's electric-car architecture to comply with stricter European emissions rules.
Honda Motor Co previous year joined forces with General Motors Co to develop autonomous vehicles by investing $2.75 billion in GM's Cruise Automation self-driving vehicle unit. VW will also purchase some Argo AI shares from Ford over three years, bringing the AV subsidiary's total valuation to some $7 billion. (Ford will still complete its billion-dollar investment in Argo AI). Much of the MEB's development cost could be recovered from the revenues generated from Ford. Volkswagen will officially open up use of its MEB scalable electric-vehicle platform, which Ford will use for an all-new EV model that's aimed to go on sale in 2023.
The electric vehicle cooperation will help reduce development costs and make battery-powered vehicles available faster across the globe, VW CEO Herbert Diess said in a statement.
"Our global alliance is beginning to demonstrate even greater promise, and we are continuing to look at other areas on which we might collaborate", VW's chief executive Herbert Diess said today.
House Democrats vote to authorize subpoenas for White House officials on immigration
Republicans criticized the Democrats' for the latest subpoena authorizations, accusing them of trying to generate headlines. He was "disappointed" Democrats had issued subpoenas to compel Mueller's testimony.
Many automobile companies are joining forces because they're under pressure to develop autonomous vehicles and smartphone-enabled transportation services. "We will share updates as details become more firm", a Ford spokeswoman said in a statement.
Back in January when the alliance was first made public, it was with news that Ford will begin using one of VW's internal combustion vehicle architectures to build light commercial vehicles for markets outside North America.
Volkswagen will contribute its Autonomous Intelligent Driving (AID) company to Argo, which will boost the self-driving unit's employees to 700 from 500.
In May, a group of internal institutional investors sank $1.15 billion into GM Cruise LLC, the autonomous vehicle unit of Ford's main competitor, General Motors.
Apple will launch notchless iPhone in 2020
The analyst further believes that in 2021, Tim Cook-led company will launch three iPhones and none of them would feature a notch. This will not only help Apple reduce the price of India's iPhone but also to avoid becoming a victim of the China-US trade war .