India, Jan. 15 -- Volkswagen AG (VKW.L,VLKAF.PK,VOW.BE) and Ford Motor Co. (F) announced the formal agreements in a broad alliance. The alliance does not entail cross-ownership between the two companies.
Volkswagen chief Executive officer Herbert Diess and Ford chief Executive officer Jim Hackett confirmed that the companies intend to develop commercial vans and medium-sized pickups for global markets beginning as early as 2022.
The companies estimate the commercial van and pickup cooperation will yield improved annual pre-tax operating results, starting in 2023.
In addition, Volkswagen and Ford have signed a memorandum of understanding to investigate collaboration on autonomous vehicles, mobility services and electric vehicles and have ...