(MENAFN - Baystreet.ca) Rival automakers the Ford Motor Company (NYSE:F) and Volkswagen Group (OTC:VLKAF) have reached an agreement to share electric and autonomous car technologies.
The deal extends Ford and Volkswagen's current strategic alliance beyond cooperation on commercial vehicles. Under terms of the new deal, Volkswagen will share its MEB electric vehicle platform with Ford in exchange for access to some proprietary autonomous vehicle technology from Ford.
Volkswagen's Board of Directors is scheduled to discuss the deepening alliance and approve the new agreement at a meeting scheduled for July 11. Earlier this year, the two automotive manufacturers announced a "global alliance" to develop commercial vans and medium-sized pickup trucks for global markets beginning as early as 2022.
At the time the global alliance was announced the two companies said they were teaming up to "drive significant scale and efficiencies and enable both companies to share investments in vehicle architectures that deliver distinct capabilities and technologies."