Volkswagen to Invest in Ford's Self-Driving Car Unit

Date : 07/12/2019 @ 12:50AM
Source : Dow Jones News
Stock : Ford Motor Company (F)
Quote : 9.16  -0.01 (-0.11%) @ 1:00AM
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Volkswagen to Invest in Ford's Self-Driving Car Unit

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By Mike Colias 

Volkswagen AG has agreed to invest around $2.6 billion in Ford Motor Co.'s autonomous-vehicle partner, Argo AI, in a deal that values the startup at $7 billion, according to people familiar with the matter.

Ford has been the majority shareholder of Pittsburgh-based Argo since early 2017, when it agreed to invest $1 billion.

Under the agreement with Volkswagen, to be announced Friday, Argo would develop autonomous-driving technology for VW and eventually supply systems for commercial use, while continuing its development work with Ford, the people said.

Write to Mike Colias at


(END) Dow Jones Newswires

July 11, 2019 20:35 ET (00:35 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.

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