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Last Updated : Jul 12, 2019 03:24 PM IST | Source: Reuters

Volkswagen to inject $2.6 billion into Ford unit Argo AI: Report

Ford and VW said on July 11 they are expanding their global alliance and that they would announce details on a technology-sharing agreement on July 12.

Carmaker Volkswagen will inject $2.6 billion into Ford's self-driving unit Argo AI at an overall valuation of $7 billion in the deal, a source close to the matter said on July 12.

Volkswagen will contribute $1 billion in capital and $1.6 in own business activities, and VW and Ford will be equal stakeholders of the venture, the source said.

Ford and VW said on July 11 they are expanding their global alliance and that they would announce details on a technology-sharing agreement on July 12.

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The collaboration on Argo, the Pittsburgh start-up that has spearheaded Ford's self-driving activities since 2017, could help reduce engineering and development costs. It could also accelerate the deployment timetables of both, which have said they plan to put autonomous vehicles into operation in 2021.
First Published on Jul 12, 2019 03:14 pm
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