The Latest: VW invests $2.6B in Ford-owned robocar firm
NEW YORK (AP) — The Latest on Ford's alliance with Volkswagen (all times local):
A person briefed on the matter says Volkswagen will sink $2.6 billion into a Pittsburgh autonomous vehicle company that's mostly owned by Ford.
It's part of a broader partnership with the U.S. No. 2 automaker.
The German and U.S. manufacturers also will cooperate on development of electric vehicles, the automakers will announce Friday in New York.
The person says the two will become equal owners of Argo AI, which is developing autonomous vehicle systems. The person didn't want to be identified because the figures haven't been officially announced.
The VW investment includes $1 billion cash and the $1.6 billion value of VW's autonomous intelligent driving company. Ford already has committed to putting $1 billion into Argo, which the person says is now valued at $7 billion.