Dr. Ajith Kumar V.V
Volkswagen and Ford announced plans Friday to work closely to develop electric- and self-driving vehicles, the latest automakers to partner in the face of massive changes rocking the auto industry. Ford (F) CEO Jim Hackett and Volkswagen (VLKAF) CEO Herbert Diess appeared together on Wall Street Friday, building on a growing alliance between the two automakers first announced a year ago. With this latest investment, Volkswagen has agreed to join Ford in investing in Argo AI, the autonomous vehicle platform company now valued at $7 billion. The two automakers said they will own a majority of Argo AI. The company is working on developing self-driving technology for ride sharing and goods delivery services in dense urban areas.