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, NEW YORK (Reuters) - Ford Motor Co and Volkswagen AG said they will spend billions of dollars to jointly develop electric and self-driving vehicles, deepening a global alliance to slash development and manufacturing costs while positioning VW as the initial winner. Ford and VW executives said the latest collaborations could save hundreds of millions of dollars for each company. VW has agreed to plow $3.1 billion into Ford's Argo AI self-driving unit, but estimates it could realize up to $20 billion in revenue by sharing its MEB electric vehicle architecture with Ford in Europe.
Ford Motor Company and Volkswagen AG today announced they are expanding their global alliance to include electric vehicles – and will collaborate with Argo AI to introduce autonomous vehicle technology in the U.S. and Europe – positioning both companies to better serve customers while improving their competitiveness and cost and capital efficiencies. Ford President and CEO Jim Hackett, Argo AI CEO Bryan Salesky and Volkswagen CEO Dr. Herbert Diess announced Volkswagen is joining Ford in investing in Argo AI, the autonomous vehicle technology platform company.
Shares of Ford Motor Co. rallied 1.4% in premarket trading Friday, after Germany-based automaker Volkswagen AG confirmed that it will invest $2.6 billion in Ford's self-driving services (SDS) partner Argo AI, as part of an expansion of the company's alliance to include electric vehicles. As part of the deal, Volkswagen will commit $1 billion in funding and contribute its $1.6 billion Autonomous Intelligent Driving (AID) company. Volkswagen will also buy $500 million worth of Argo AI shares from Ford over three years. That will give Ford and Volkswagen an equal stake in Argo AI, and will give the companies, combined, a substantial majority ownership in Argo AI, which is valued at more than $7 billion. "While Ford and Volkswagen remain independent and fiercely competitive in the marketplace, teaming up and working with Argo AI on this important technology allows us to deliver unmatched capability, scale and geographic reach," said Ford Chief Executive Jim Hackett. Ford's stock has run up 33% year to date through Thursday, while Volkswagen's U.S.-listed shares have gained 9% and the S&P 500 has climbed 20%.
Ford and VW will remain "independent and fiercely competitive in the marketplace," the Detroit automaker's CEO Jim Hackett said in a statement.
Carmaker Volkswagen will inject $1 billion in capital and $1.6 billion worth of assets into Ford's self-driving unit, a source close to the matter said on Friday, as the two carmakers deepen a global alliance to share costs. VW and Ford said they were in "exploratory talks" about an alliance to develop self-driving and electric vehicles and to complement each other's global production and sales footprints. Volkswagen also plans to build a multi-brand production plant in Turkey, German trade magazine Automobilwoche said on Friday.
The joint venture will give Ford access to VW's MEB platform, which serves as a base for Volkswagen's ID.3 electric car, executives said.
Volkswagen and its former chief executive Martin Winterkorn have been charged by the US with defrauding investors during the diesel emissions scandal uncovered four years ago. The Securities and Exchange Commission (SEC) alleged the German carmarker issued $13bn in bonds and securities in US markets – despite knowing that more than half a million of their vehicles were well over legal limits for emissions. The company is also accused of making false and misleading statements about vehicle quality, environmental compliance and its financial status.
FRANKFURT, Germany (AP) — Carmakers are hoping to give consumers a glimpse of the future at this year's Geneva auto show as they roll out new electric cars and try to re-energize an industry facing serious challenges on several fronts.
Germany's Federal Motor Transport Authority (KBA) is considering recalling more Volkswagen cars due to its emissions scandal, the Bild am Sonntag newspaper reported on Sunday. The KBA has opened an investigation into whether a software update for 1.2-litre engine cars, including the popular Polo, enabled them to cheat emissions tests, the newspaper said, without naming its sources. The Bild am Sonntag said prosecutors were preparing charges against unnamed Volkswagen managers for suspected fraud, noting that the company had given assurances in 2016 that the 1.2 litre engines did not use illegal emissions cheating defeat devices.
Germany's Federal Motor Transport Authority (KBA) is considering recalling more Volkswagen (VOWG_p.DE) cars due to its emissions, scandal, the Bild am Sonntag newspaper reported on Sunday. The KBA has opened an investigation into whether a software update for 1.2-litre engine cars, including the popular Polo, enabled them to cheat emissions tests, the newspaper said, without naming its sources. The Bild am Sonntag said prosecutors were preparing charges against unnamed Volkswagen managers for suspected fraud, noting that the company had given assurances in 2016 that the 1.2 liter engines did not use illegal emissions cheating defeat devices.
The German Federal State of Baden-Wuerttemberg is seeking damages from Volkswagen after local authorities purchased VW diesel vehicles which now face bans in cities like Stuttgart, Frankfurter Allgemeine Zeitung said on Saturday. The value of diesel cars plummeted after German environmental groups scored a court victory last year that forced cities to consider bans of older diesel vehicles to bring emissions into line with European Union clean air rules.
FRANKFURT (Reuters) - Volkswagen's cleanup of a diesel cheating scandal will cost it 5.5 billion euros ($6.25 bln) in 2018 and around 2 billion euros in 2019, Chief Financial Officer Frank Witter told ...
Volkswagen's cleanup of a diesel cheating scandal will cost it 5.5 billion euros in 2018 and around 2 billion euros in 2019, Chief Financial Officer Frank Witter told German weekly Boersen-Zeitung. Since ...
Volkswagen (VOWG_p.DE) has denied allegations that Chairman Hans Dieter Poetsch knew about the carmaker's emissions test cheating almost three months before U.S. authorities made it public in September 2015. Citing internal documents from investigators, German weekly Bild am Sonntag reported that Poetsch, VW's finance head at the time, learned about the carmaker's violations of the rules in late June 2015. The paper cites a confidential presentation from the VW legal department, available to investigators in proceedings about the carmaker's alleged market manipulation.
Volkswagen (IOB: 0P6N.IL - news) 's handling of a "potentially lethal safety issue" involving seat belts has been "completely unsatisfactory", Which? The consumer group claims that the company has sold an estimated 55,000 vehicles since it was made aware of the fault six months ago - with VW Polos, Seat Ibizas and Seat Aronas affected. When all three rear seat belts are in use in affected cars driven at high speed, the rear left passenger side can become unbuckled.