Volkswagen to contribute $2.6 billion to Ford's autonomous venture

A Ford-VW alliance with Argo could redraw self-driving sector

As for Ford and Volkswagen, Hackett and VW CEO Herbert Diess left the door open to more collaboration between the companies, but they did not say whether there were specific additional partnerships in the works.

The need for cost-sharing partnerships is underlined by the current downturn in vehicle sales and predicted changes to ownership models as new technologies are proven.

"Unlocking the synergies across a range of areas allows us to showcase the power of our global alliance in this era of smart vehicles for a smart world".

- In April, Ford said it would invest $500 million in electric vehicle startup Rivian to build a Ford vehicle on Rivian's underpinnings.

"Ford will be a more targeted business in Europe, consistent with the company's global redesign", European president Stuart Rowley said in a June statement.

In a news release, the German automaker says it has invested $7 billion into the Modular Electrical Toolkit (MEB) since it started working on the architecture back in 2016.

Ford and VW have announced an investment in an autonomous vehicle platform company, Pittsburgh-based Argo AI, that values the small firm at more than $7 billion.

The automakers could outline more than one agreement.

Roger Federer vs. Rafael Nadal
Nadal has won 18 and will look to pull in just one behind the Swiss veteran with a win today and in the final Sunday. The defending champion came through a tough match against Roberto Bautista Agut on Centre Court 6-2, 4-6, 6-3, 6-2.

With VW, the world's biggest automaker by sales volume previous year, Argo is now aligned with a partner with substantial scale and resources.

The cost of developing self-driving cars keeps going up.

ArgoAI CEO Brian Salesky commented on the company's investments stating: "Thanks to Ford and VW, our technology could reach almost every global market, could applied to multiple vehicle brands a variety of vehicle platforms". Volkswagen's investments over three years will make it an equal partner, and the deal is subject to regulatory approvals.

Argo has been overlooked as Waymo, Alphabet Inc's GOOGL.O self-driving subsidiary, has deployed its robo-vans, and General Motors Co's GM.N Cruise Automation unit has raked in billions of dollars in investments.

Ford will also become the first automaker outside the VW group to use the VW full-electric MEB platform to deliver high-volume, zero-emissions vehicles in Europe starting in 2023.

"Our global alliance is beginning to demonstrate even greater promise, and we are continuing to look at other areas on which we might collaborate", said Diess.

The joint announcement focused more on the autonomous side of things but the two companies are not ignoring the electric auto side of the equation.

According to the executives, the deal will see Volkswagen enable Ford to access its underlying platform to anchor electric vehicles.

Related News:

  • DeMarcus Cousins: Lakers Title Contenders With 'Talented Beasts'

    DeMarcus Cousins: Lakers Title Contenders With 'Talented Beasts'

    But he also spoke about being focused on the team building chemistry and getting on the same page. "Our job is to come together". Instead, Leonard has signed a three-year, $103 million contract with the team that includes a player option for the third year.
    Until Dawn developer’s The Dark Pictures Anthology has eight planned games

    Until Dawn developer’s The Dark Pictures Anthology has eight planned games

    Bandai Namco recently revealed that Man of Medan will have two different multiplayer modes in addition to its single-player mode. Two players join forces as they tackle the mystery surrounding a mysterious ship, inspired by a true life event .
    Stock markets mixed on US Fed chief's outlook

    Stock markets mixed on US Fed chief's outlook

    Traders will be eyeing that testimony for further clues after a measure of US consumer prices rose more than forecast in June. The Shanghai Composite added 0.82%, whereas both the Shenzhen component and Shenzhen composite additionally gained about 1%.
  • Coast Guard Raided A Cocaine-Filled Submarine

    Coast Guard Raided A Cocaine-Filled Submarine

    He said for 2019, the Coast Guard has seized roughly $3.6 billion in illegal drugs and arrested 400 alleged smugglers. It was ultimately bound for the United States, as the vessel had been tracked by a Coast Guard surveillance aircraft.
    Willy Wonka and the Chocolate Factory star Denise Nickerson 'dies aged 62'

    Willy Wonka and the Chocolate Factory star Denise Nickerson 'dies aged 62'

    Her character was known for turning into a big round blueberry after chewing a gum that was not yet ready for consumption. After her acting career: Though Nickerson retired from acting, she didn't forget the role that brought her greatest fame.
    Arsenal appoint Edu as technical director

    Arsenal appoint Edu as technical director

    And, according to The Mirror , Arsenal have been presented with the chance to sign Diaz this summer for just £18million. But without more investment in the transfer budget, it is hard to imagine Arsenal landing the men they want this summer.
  • Serena Williams vs. Simona Halep - 7/13/19 Wimbledon Tennis Pick, Odds, and Prediction

    Serena Williams vs. Simona Halep - 7/13/19 Wimbledon Tennis Pick, Odds, and Prediction

    Her competition, Halep, similarly dominated her way to the final, beating Ukrainian Elina Svitolina in straight sets 6-1, 6-3. Already the oldest grand slam champion in the open era, Williams is now also the oldest woman to make a major final.
    Go Ahead, Ban Me: Kangana

    Go Ahead, Ban Me: Kangana

    In the 1970s, Amitabh Bachchan and the media shared an icy relationship which thawed only about a decade later. She then attacked them by saying that they can be sold off for Rs 60 and hence it is okay for them to ban her.
    White House pulls proposal to eliminate drug rebates

    White House pulls proposal to eliminate drug rebates

    The proposed rule was one that the pharmaceutical industry supported, but the PBM and insurance industry fiercely opposed. Secretary of Health and Human Services Alex Azar announced his agency is dropping a proposal meant to lower drug prices.
  • Manchester United left stunned by Newcastle's £50m asking price for Sean Longstaff

    Manchester United left stunned by Newcastle's £50m asking price for Sean Longstaff

    Manchester United value the 21-year-old at closer to £20m and they are weighing up what they are willing to offer for the player. The 21-year-old enjoyed a breakout season last term, after arriving back from a full year on loan in League One with Blackpool.
    How much ‘Stranger Things’ stars make per episode

    How much ‘Stranger Things’ stars make per episode

    After a disastrous second season, we return to Hawkins for the summer of 1985 and catch up with all the members of the gang. Now the Duffer Brothers are finally teasing fans by suggesting what the next chapter will be like.
    Cameron Boyce's Parents Speak Out on Tragic Death

    Cameron Boyce's Parents Speak Out on Tragic Death

    Cameron Boyce's parents have spoken openly about the tragic death of their son. We offer our deepest condolences to his family, cast mates and colleagues.


Most liked

Embattled Labor Secretary Alex Acosta stepping down
He's a lot of fun to be with". 'You can always second guess people and you can say he should have been tougher. Attorney's Office produced a 53-page indictment that was abandoned after secret negotiations between Mr.

California couple sue over fertility clinic foul-up
Ms and Mr Manukyan had unsuccessfully gone through IVF in August 2018 using an embryo they thought was theirs. Despite the custody battle, she praised the Queens woman who gave birth to the twins and wished her the best.

Donald Trump Trolled For Claiming Kidney Has "Special Place In The Heart"
Last year, there were more than 21,000 kidney transplants, according to the United Network for Organ Sharing. Azar said he believes it's possible to double the number of kidneys available for transplant by 2030.

Black Caucus Member Upbraids AOC for Using 'Race Card'
Alexandria Ocasio-Cortez (D-NY) just gained approval from an unlikely ally: National Economic Council Director Larry Kudlow . Ro Khanna of Calfornia, who is friends with Ocasio-Cortez, told CNN that it is time to move on and rally around the Speaker.

Jurgen Klopp gives Liverpool transfer update after Tranmere win
Liverpool forward Paul Glatzel has been dealt a cruel blow after Jurgen Klopp confirmed that he'd suffered what looks to be a serious injury.

MS confirms 1st case of West Nile virus for 2019
In a small number of cases, infection can cause encephalitis or meningitis, which can lead to paralysis, coma and possibly death. Using EPA-registered insect repellents containing DEET, picaridin, oil of lemon eucalyptus, or IR3535 when going outdoors.

Justin Bieber, Diddy and more call for A$AP Rocky's release
A great number of celebrities are now speaking out in support of the rapper and shining a light on his unacceptable arrest. House of Representatives is working on the A$AP Mob rapper's behalf to push the process in the right direction.

Inter Milan reportedly offer Man United massive €70m for Romelu Lukaku
Inter's push could become more hard as United are not in any rush to sell the Belgian forward. The Belgian scored 27 goals in his first season at the club but managed only 15 in 2018-19.

Belgium's Teuns wins Tour de France Stage 6
I was a bit boxed in with 500 metres to go and I asked Mike (Teunissen) to make space for me and he put his life on the line to do it. "I will try to understand what happened".

R. Kelly arrested in Chicago on federal sex trafficking charges
He posted the $100,000 bail and left Chicago's Cook County Jail less than three days after he was arrested . Attorney for Northern District of IL and the Southern District of NY are reportedly involved in the case.

Amazon Prime Day 2019: Now you can bet on a site outage
On Prime Day 2019, you can expect deals and offers on a number of popular smartphones across all major price points. It's turned into a mid-summer event for deal-hunting shoppers, and it's drawn hot competition from other retailers.

Valve Introduces Steam Labs for Public Testing of New Services
The Recommender is part of a new initiative called Steam Labs , where Valve will let users check out experimental features. These are just three of the newest things you can experience by way of Steam Labs , but more are certainly coming.

Astronomers Discovered Pairs of Supermassive Black Holes
Detecting the gravitational wave background using one of these pulsar timing arrays takes patience and plenty of monitored stars. As the two black holes get closer to each other, they start sending gravitational waves rippling through space-time .

NZ dollar rides higher on Powell's dovish testimony
Trump has long insisted lower rates will help the US economy grow even faster.as he prepares to try and win re-election in 2020. A quarter-point reduction on a $30,000 home equity line of credit would shave the monthly payment by $6.25, McBride says.

Sherlock Holmes 3 Might Be Moving Forward With A Surprising New Director
Downey Jr. will reprise the role of Sherlock Holmes , and Jude Law will reportedly return to play Holmes' partner Dr. Dexter Fletcher is now in talks to direct the upcoming film " Sherlock Holmes 3 ".