The joint venture will give Ford access to VW's MEB platform, which serves as a base for Volkswagen's ID.3 electric car, executives said.
plan to announce Friday new joint ventures on autonomous and electric vehicles, two technologies considered critical to the future of the auto industry.
VW also will become an investor in Argo AI, a Pittsburgh-based research firm specializing in autonomous vehicle development, the executives said. Ford became a lead investor in Argo in 2017 with an initial investment of $1 billion. As part of the new joint venture, Volkswagen will also invest in Argo, which operates as an independent company. One of the executives said VW's investment in Argo will "be in the billions," reflecting the significant increase in value of the tech firm since Ford took its stake more than two years ago.
It could also lead to "consolidation happening in the next couple of years," James Peng, the co-founder and CEO of Pony.aiVolkswagen has committed 9 billion euros, or more than $10 billion, on its "electrification" program so far. That includes hybrids, plug-ins and pure battery-electric vehicles, or BEVs, with for nearly 50 different hybrid and electric vehicles by 2025 through its various brands, including its flagship VW, as well as Porsche, Audi and Bentley.
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