VW-Ford deal shows rivals making nice to fund new technologies

An Argo Ai self driving prototype vehicle is seen outside a Ford and Volkswagen joint news conference in New York City, New York, U.S., July 12, 2019. REUTERS/Mike Segar

To understand how much strain the world’s leading auto manufacturers face as they make the daunting leap to the electric and autonomous vehicle age, just listen to their leaders. 

“The business part of you wouldn’t do these things,” Ford Motor Co chief executive officer Jim Hackett said in a Bloomberg Television interview on Friday. That startling admission came after he had just inked a massive deal with German arch-rival Volkswagen AG to join forces to develop electric and self-driving cars.