Volkswagen and Ford have said they will work together on developing self-driving and electric cars in an attempt to reduce costs on new technologies.

VW plans to invest $2.6bn (£2.1bn) in Ford’s self-driving unit, which is valued at $7bn. The move comes after the duo said in March they would build vans together.

The two firms said whilst they remained “fiercely competitive” in the car market, the tie-up would give them a “significant global scale” in new tech.

The agreement is the latest example of once fierce industry rivals joining up to develop new technologies.

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