Ford, Volkswagen to Team Up for Several Joint Projects
If you're following the National Basketball Association (NBA), chances are you're aware that Kawhi Leonard, Paul George, and LeBron James are rumored to be part of the Lakers. Well, joining forces is not exclusive to the NBA as it is also happening in the automotive industry. Ford and Volkswagen are teaming up and announced that they have signed a Memorandum of Understanding. Under the said contract, the American and the German automakers are exploring strategic alliance such as looking to do several joint projects. These projects include joint development of a range of commercial vehicles to strengthen each company's global competitiveness. However, Ford and Volkswagen has yet to elaborate as to how the joint project would go. "We look forward to exploring with the Volkswagen team in the days ahead [on> how we might work together to better serve the evolving needs of commercial vehicle customers--and much more," said Ford President of Global Markets Jim Farley. Ford and Volkswagen's alliance would not involve equity arrangements. The companies will provide updates and additional details as talks progress. Among the many auto manufacturers that have teamed up includes Toyota and Suzuki. Last May 2018, Toyota and Suzuki announced that they will start on exploring the joint projects, which focuses on vehicle production, technology, and market expansion. Toyota and Suzuki started to join forces last 2016. The two Japanese companies agreed to work together in order to keep up with the drastic pace of technology in the automotive industry.