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 Mike.Colias@wsj.com

 

(END) Dow Jones Newswires

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

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