Ford, Volkswagen Expand Collaboration On MEB Electric Platform - Ford Motor (NYSE:F), Volkswagen (OTC:VWAGY)

Ford Motor Co F and Volkswagen AG VWAGY are expanding their e-mobility partnership as Ford plans to produce another electric model for the European market based on the MEB platform.
The MEB platform is a modular car platform for electric cars developed by the Volkswagen Group and allows car manufacturers to electrify their portfolio quickly and cost-effectively.
Ford plans to double its planned MEB volume to 1.2 million units over a six-year timeframe.
"Today's agreement will further accelerate the electrification of the two companies," said Volkswagen Group Components CEO Thomas Schmall.
The first Ford model to use the MEB will be an all-electric crossover, expected to roll off the assembly line at the Ford Electrification Center in Cologne from 2023.
Price Action: F shares are trading higher by 0.69% at $16.15 in premarket on the last check Monday.