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Frankfurt/Southfield — Volkswagen (VW) will invest in Ford’s autonomous-car partner Argo AI at a valuation of about $7bn, as two of the world’s largest carmakers expand an alliance formed earlier in 2019, according to people familiar with the matter.

In addition to backing the Ford affiliate, VW will fold its Audi division’s autonomous intelligent driving unit into Argo, said the people, who asked not to be identified ahead of an official announcement. VW and Ford’s CEO have scheduled a briefing for 8am Friday in New York...

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