- 5 hrs ago Hyundai Kona Electric SUV Recalled In India: Possible Electrical Deficiency In High-Voltage BMS
- 6 hrs ago Renault Car Discounts & Year-End Benefits: Special Offers Of Up To Rs 70,000 Across All Models
- 8 hrs ago Bike Sales Report For November 2020 In India: Suzuki Motorcycle Records Over 64,000 Units Sales
- 9 hrs ago Car Sales Report For November 2020: Hyundai Registers 9.4% Growth In Terms Of Domestic Yearly Sales
- News DCGI finds no link between COVID vaccine shot and 'adverse' reaction in Chennai volunteer during trial
- Sports India vs Australia, 3rd ODI: Important that I try to win games for India whenever I play: Shardul Thakur
- Movies Kaun Banega Crorepati 12: Amitabh Bachchan Gives Special Name To Contestant Abhilasha Rao Kalwa; Calls Her 'Madam Sir'
- Lifestyle Nushrat Bharucha Exudes Eco-Friendly And Boss Lady Vibes In Her Green Pantsuit And We Loved It!
- Technology Excitel Revises Broadband Plans; Offering High Speed At Rs. 50
- Travel 10 Best Places To Visit In Gujarat In December
- Finance JP Morgan Cuts EPS On RIL By 7-8%; Sees Limited Upside In Share Price
- Education CAT Answer Key 2020: Check CAT Exam Answer Key 2020 Slot 1, 2 And 3
German auto giants Volkswagen, and American auto manufacturer Ford confirmed their global alliance stating that the companies intend to develop commercial vans and medium-sized pickups for international markets starting 2022.
The alliance will allow for both companies to share investments in automobile architectures that are aimed at delivering multiple capabilities and technologies.
The companies appraise that their commercial van and pickup cooperation will result in improved annual pre-tax operating results starting in 2023.
Volkswagen and Ford have signed a memorandum of understanding to research and develop autonomous vehicles, mobility services and electric vehicles.
Both firms also said they were open to discussing additional vehicle programs in the future, and that their teams would continue working through details in the coming months.
Mr Jim Hackett, the Chief Executive Officer at Ford Motor Company said, "Over time, this alliance will help both companies create value and meet the needs of our customers and society."
"It will not only drive significant efficiencies and help both companies improve their fitness, but also gives us the opportunity to collaborate on shaping the next era of mobility," he added.
Dr Herbert Diess, the Chief Executive Officer at Volkswagen AG said, "Volkswagen and Ford will harness our collective resources, innovation capabilities and complementary market positions to even better serve millions of customers around the world. At the same time, the alliance will be a cornerstone for our drive to improve competitiveness."
The alliance does not include cross-ownership between the two companies, and will be governed by a joint committee. This committee will be chaired by Mr Hackett and Dr Diess, and will include senior executives from both companies.
Volkswagen and Ford both have strong commercial van and pickup businesses across multiple markets and boast of popular models like the Ford Transit family, the Ford Ranger, the Volkswagen Transporter, Caddy and the Amarok.
Both brands have collectively sold roughly 12 lakh light commercial vehicles since 2018 - essentially the industry's highest-volume collaboration.
Both brands forecast that demand for medium pickups and commercial vans is expected to grow the next five years. The partnership will allow VW and Ford to share development costs, leverage manufacturing capacity, boost capability and competitiveness, and deliver cost efficiencies, while maintaining individual brand characteristics.
Thoughts About Volkswagen And Ford Confirming Global Alliance
Volkswagen and Ford look like they're priming to dominate the global Auto Industry. Both brands are heavyweights across two continents, and this alliance will only make them stronger.