Google And Ford To Jointly Develop Self-Driving Cars

Alphabet Inc GOOG's Google and Ford Motor Company F will team up and jointly develop self-driving vehicles, according to a report by Yahoo Autos.

The partnership is expected to be announced by Ford at the Consumer Electronics Show in January.

The partnership appears to be a win-win for both companies. Google can avoid spending billions of dollars on manufacturing, while Ford gains immediate access to Google's self-driving technologies that have already logged 1.3 million hours in testing.

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Yahoo Autos also noted that the agreement appears to be non-exclusive and Google has been in talk with other auto manufacturers and parts suppliers.

Shares of Ford were trading higher by more than 1 percent at $13.90 early Tuesday morning, while Alphabet's stock was higher by 0.34 percent at $750.30.