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Volkswagen AG and Ford Motor Co. will cooperate on electric and self-driving car technology, sharing costs on a global scale to take a major step forward in the industry’s disruptive transformation.

VW will invest $2.6 billion in Ford’s autonomous-car partner Argo AI in a deal that values the operation at more than $7 billion, the two manufacturers said Friday in a joint statement in New York, confirming a figure first reported by Bloomberg. This includes $1 billion in funding and VW contributing its Audi $1.6 billion Autonomous Intelligent Driving unit.

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