DETROIT, MI - JANUARY 12: Volkswagen shows off their car lineup at the North American International Auto Show on January 12, 2016 in Detroit, Michigan. The show is open to the public from January 16-24.   Scott Olson/Getty Images/AFP
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DETROIT, MI - JANUARY 12: Volkswagen shows off their car lineup at the North American International Auto Show on January 12, 2016 in Detroit, Michigan. The show is open to the public from January 16-24. Scott Olson/Getty Images/AFP == FOR NEWSPAPERS, INTERNET, TELCOS & TELEVISION USE ONLY ==

New York: Auto giants Volkswagen and Ford announced Friday they were expanding their alliance to include the development of self-driving cars. The move accelerates cooperation among otherwise competing global auto giants as they face enormous costs in developing new electric vehicle and self-driving technologies. Volkswagen will invest $2.6 billion in capital and assets in Ford's self-driving unit Argo AI to market new-technology vehicles in the United States and Europe.

"While Ford and Volkswagen remain independent and fiercely competitive in the marketplace, teaming up and working with Argo AI on this important technology allows us to deliver unmatched capability, scale and geographic reach," Ford chief Jim Hackett said.

VW's investment values Argo at more than $7 billion and will allow Ford to use VW tech to market "at least one" high-volume fully EV to starting in 2023 in Europe.

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