VW to invest $2.6B in Ford’s self-driving partner – Volkswagen AG ADR (OTCMKTS:VWAGY)


Major automakers have been consolidating efforts as the race heats up to develop driverless and electric cars.

The latest partnership, to be announced at a press event in New York today, will see Volkswagen (OTCPK:VWAGY) invest around $2.6B in Ford’s (NYSE:F) autonomous-vehicle partner, Argo AI, in a deal that values the startup at $7B.

Under the deal, Argo will develop autonomous-driving technology for VW and eventually supply systems for commercial use, while continuing its development work with Ford.

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