Ford rises at noon after Volkswagen invests in its autonomous unit by Investing.com

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© Reuters.

Investing.com – Ford advanced in mid-day trading after announcing that Volkswagen (DE 🙂 was investing $ 2.6 billion in its autonomous unit, Argo.

The investment in the start-up gives Argo a valuation of over $ 7 billion, making it one of the most valued autonomous vehicle companies.

VW buys 500 million shares from Ford, invests $ 1 billion in cash and contributes to its autonomous driving unit in Europe.

Ford acquired a majority stake in the Pittsburgh startup in 2017 and will now share a minority stake with the founders of VW and Argo.

"While Ford and Volkswagen remain independent and highly competitive in the marketplace, teaming with Argo AI on this important technology allows us to deliver unparalleled capacity, scale and geographic reach," said Jim Hackett, President and Chief Executive Officer. Ford's management.

Ford (NYSE 🙂 gained 2.2% in midday trade, while rival Tesla (NASDAQ 🙂 rose 1.3% and General Motors (NYSE 🙂 1.9%.

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