While initial details are vague, Ford and Volkswagen say they are looking into forming a "strategic alliance" that would bring the two together on some joint project and development opportunities.
In a dual news release, the automakers say they are exploring several potential joint projects including the "development of a range of commercial vehicles to better serve the evolving needs of customers globally." Ford and VW said that any potential team up would not involve sharing equity, stocks or ownership stakes.
The two signed a memorandum of understanding as of June 19, and confirmed that are "exploring potential projects across a number of areas."
"Ford is committed to improving our fitness as a business and leveraging adaptive business models - which include working with partners to improve our effectiveness and efficiency," Jim Farley, Ford's president of Global Markets, said in the release. "This potential alliance with the Volkswagen Group is another example of how we can become more fit as a business, while creating a winning global product portfolio and extending our capabilities.