Volkswagen AG and Ford Motor Company today announced the first formal agreements in a broad alliance that positions the companies to boost competitiveness and better serve customers in an era of rapid change in the industry, a press release shows.
Volkswagen CEO Herbert Diess and Ford CEO 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 started to explore opportunities.
Both companies also said they were open to considering additional vehicle programs in the future. The teams will continue working through details in the coming months.