Ford and Volkswagen near self-driving deal
Volkswagen Group's negotiations with Ford over a collaboration on autonomous cars are near fruition and a deal could be announced as early as July.
Most of the thorniest issues have been resolved and the two companies envision a comprehensive collaboration creating a global colossus in the self-driving space.
Ford CEO Jim Hackett has said autonomous cars and other emerging mobility services could grow to a $10 trillion market. Volkswagen and Ford, which agreed to co-produce vans and pickups earlier this year later extending the discussions to include electric and autonomous cars as part of an alliance designed to save billions in costs, have been discussing an investment in Argo AI, the Ford-backed autonomous vehicle startup. The automakers discussed an approximate valuation for Argo of $4 billion.
Ford said its talks with Volkswagen are ongoing but did not provide specifics on the extent of progress. «Discussions have been productive across a number of areas. We will share updates as details become more firm» company said in a statement.