Volkswagen: Supervisory Board Approves Projects With Ford
May 28 2020 - 1:28PM
Dow Jones News
By Kim Richters
Volkswagen AG said Thursday that its supervisory board has
approved additional projects with fellow car manufacturer Ford
Motor Co.
The German car maker said the companies are initially planning
three projects related to electrification and commercial vehicles,
including a midsize Ford pickup that will be adapted by Volkswagen
Commercial Vehicles for selected markets.
"The Volkswagen-Ford global alliance--which does not involve
cross-ownership between the companies--is expected to create annual
efficiencies for each company," it said.
"Through the cooperation, both manufacturers plan to realize
significant synergy effects from shared development costs as well
as production synergies."
Volkswagen said the final signing of the agreements was still
pending but expected it to be "in the near future."
It expects additional collaborations like the investment in
self-driving technology company Argo AI to follow.
Write to Kim Richters at kim.richters@wsj.com
(END) Dow Jones Newswires
May 28, 2020 13:13 ET (17:13 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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