Ford and Volkswagen join forces to produce electric machines

Ford CEO Jim Hackett and Volkswagen CEO Herbert Diess appeared together on Wall Street on Friday, building a growing alliance between the two tenants.

With this recent investment, Volkswagen has agreed to join Ford in investing in Argos AI, the autonomous autonomation company now estimated at $7 billion. Both automobile producers said they would own a majority of Argo AI. The company is working on developing technology itself and delivery of goods in dense urban areas, broadcasting Indexline.

Ford said he will become the first creator of cars to use Volkswagen's electric vehicles to build electric vehicles for the European market starting in 2023.

“We stand in the abyss of the biggest shift in transport since Henry Ford started 116 years ago”, Hackett said, talking about analysts and the media. “Our industry and the world are being equipped with technology and innovation. ”

Carmakers are concerned that they can be left behind by changes to the market brought by the most severe environmental regulations in Europe and other countries, as well as young players like Uber ( UBER ) and Tesla ( TSLA ) and potentially deep technology companies, such as Google and Amazon.

Ford is currently working to develop its own electric vehicles and has invested $500m in the Rivian electric truck maker to jointly develop an electrical takeover. These efforts will also go ahead with this final agreement.

Volkswagen, still trying to overcome his reputation damage to the oil emissions fraud scandal, has declared ambitious purposes of electrical vehicles: He promised to make 40% of its electric fleet by 2030 and be CO2 neutral by 2050.