Volkswagen Said To Plan $1.7 Billion Investment In Ford's Self-Driving Car Unit

  • 📰 Forbes
  • ⏱ Reading Time:
  • 56 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 26%
  • Publisher: 53%

Business News News

Business Business Latest News,Business Business Headlines

Volkswagen is preparing to invest up to $1.7 billion in Argo AI, Ford's autonomous tech subsidiary

Share to linkedin

An Argo AI modified Ford Motor Co. Fusion autonomous vehicle is seen driving along a street near the company's headquarters in Pittsburgh, Pennsylvania, U.S., on Thursday, Aug. 16, 2018. The business of building self-driving vehicles is expensive. To share the costs, Ford will be taking on Volkswagen as an investor in its Argo AI venture fund.

Earlier this year Ford and Volkswagen announced that they would collaborate on commercial vans and midsize trucks. Their joint-development efforts also included a signed"memorandum of understanding" to combine efforts to reduce the costs of researching autonomous vehicles and mobility services. Today the

, the autonomous tech subsidiary Ford established in Pittsburgh in 2017 and funded with $1 billion over five years to help it commercialize self-driving technology.The terms of the agreement call for Volkswagen to invest $600 million in equity in Argo AI and $1.1 billion in working capital, with each manufacturer owning 50% of the business. WSJ also reported that Argo AI could receive additional assets from VW over time.

 

Thank you for your comment. Your comment will be published after being reviewed.
Please try again later.

I love it when corporations talk about future plans that are very far into the future...like mass producing electric cars and doing away with gas driven cars.

wow.. Money is Honey

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

 /  🏆 394. in BUSÄ°NESS

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stocks making the biggest moves premarket: AutoNation, Wayfair, Citigroup, Ford & moreSome of the names on the move ahead of the open.
Source: CNBC - 🏆 12. / 72 Read more »