Volkswagen AG, Ford to Explore Strategic Alliance to Extend Capabilities, Strengthen Competitiveness, Better Serve Customers
June 19 2018 - 4:15PM
Business Wire
- Volkswagen AG and Ford are exploring a
strategic alliance
- The companies are investigating several
joint projects – including joint development of a range of
commercial vehicles to better serve the evolving needs of customers
globally
- Potential projects aim to strengthen
each company’s competitiveness; the companies will share updates as
talks progress
- VW and Ford said any strategic alliance
would not involve equity arrangements, including cross ownership
stakes
Volkswagen AG and Ford Motor Company today announce they have
signed a Memorandum of Understanding and are exploring a strategic
alliance designed to strengthen each company’s competitiveness and
better serve customers globally.
The companies are exploring potential projects across a number
of areas – including developing a range of commercial vehicles
together to better serve the evolving needs of customers. The
potential alliance would not involve equity arrangements, including
cross ownership stakes.
“Ford is committed to improving our fitness as a business and
leveraging adaptive business models – which include working with
partners to improve our effectiveness and efficiency,” said Jim
Farley, Ford’s president of Global Markets. “This potential
alliance with the Volkswagen Group is another example of how we can
become more fit as a business, while creating a winning global
product portfolio and extending our capabilities.
“We look forward to exploring with the Volkswagen team in the
days ahead how we might work together to better serve the evolving
needs of commercial vehicle customers – and much more.”
Dr. Thomas Sedran, Head of Volkswagen Group Strategy said,
“Markets and customer demand are changing at an incredible speed.
Both companies have strong and complementary positions in different
commercial vehicle segments already. To adapt to the challenging
environment, it is of utmost importance to gain flexibility through
alliances. This is a core element of our Volkswagen Group Strategy
2025. The potential industrial cooperation with Ford is seen as an
opportunity to improve competitiveness of both companies
globally.”
The companies will provide updates and additional details as
talks progress.
About Volkswagen Group
The Volkswagen Group with its headquarters in Wolfsburg is one
of the world’s leading automobile manufacturers and the largest
carmaker in Europe. The Group comprises twelve brands from seven
European countries: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA,
Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen
Commercial Vehicles, Scania and MAN. Each brand has its own
character and operates as an independent entity on the market. The
product spectrum ranges from motorcycles to small cars and
luxury vehicles. In the commercial vehicle sector, the products
include ranges from pick-ups, buses and heavy trucks. The Group
operates 120 production plants in 20 European countries and a
further 11 countries in the Americas, Asia and Africa. Every
weekday, around 642,292 employees worldwide produce nearly 44,170
vehicles, and work in vehicle-related services or other fields of
business. The Volkswagen Group sells its vehicles in 153 countries.
With its “TOGETHER – Strategy 2025" future program, the Volkswagen
Group is paving the way for the biggest change process in its
history: the realignment of one of the best carmakers to become a
globally leading provider of sustainable mobility.
www.volkswagenag.com.
About Ford Motor Company
Ford Motor Company is a global company based in Dearborn,
Michigan. The company designs, manufactures, markets and services a
full line of Ford cars, trucks, SUVs, electrified vehicles and
Lincoln luxury vehicles, provides financial services through Ford
Motor Credit Company and is pursuing leadership positions in
electrification, autonomous vehicles and mobility solutions. Ford
employs approximately 202,000 people worldwide. For more
information regarding Ford, its products and Ford Motor Credit
Company, please visit www.corporate.ford.com.
For news releases, related materials and
high-resolution photos and video, visitwww.media.ford.com and
https://www.volkswagen-media-services.com/
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version on businesswire.com: https://www.businesswire.com/news/home/20180619005952/en/
VW Media RelationsMarc
Langendorf+49.5361.9334474marc.langendorf@volkswagen.deorFord
CommunicationsJennifer
Flake+313.903.0429jflake1@ford.comorFord
Investor Relations: Equity CommunityLynn Antipas
Tyson+914.485.1150ltyson4@ford.comorFord
Investor Relations: Fixed Income Community:Karen
Rocoff+313.621.0965krocoff@ford.com
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