Tesla is working on new battery cell designs, and a way to make their own cells, with R&D teams in a lab near its car plant in Fremont, California.Technologyread more
The Federal Reserve and the market are miles apart on interest rate expectations, and the disparity could cost the stock market a 7%-10% drop, economists say.Economyread more
President Trump lambastes Twitter, Google and other technology giants for what he claims as their efforts to stifle him.US Economyread more
Underneath the impressive market rally is a trend that doesn't seem quite right, according to J.P. Morgan.Marketsread more
Mnuchin tells CNBC he's confident President Trump and China's Xi Jinping can make progress in stalled trade talks.World Economyread more
JP Morgan's Jamie Dimon says student lending "is a disgrace and it's hurting America."Economyread more
The Supreme Court refused to overturn a precedent that strengthened the power of government regulators in a closely watched case that could have had broad ramifications for...Politicsread more
Shares of Paychex dropped on Wednesday after Bank of America downgraded the stock due to its "excessive valuation" and "underwhelming fundamentals."Marketsread more
A full-time worker earning the federal minimum wage of $7.25 per hour cannot rent an affordable two-bedroom apartment anywhere in the country, where affordable is defined as...Spendread more
The president raised $6 million alone at a fundraiser he attended at the Trump International Hotel on Tuesday in Washington.Politicsread more
The first debates will give most of the contenders their biggest platform yet to present themselves to the American people.Politicsread more
(Adds Trump tweet, background)
DETROIT, Jan 15 (Reuters) - Volkswagen AG and Ford Motor Co are expected to unveil an alliance on Tuesday that combines forces on commercial vehicles and is likely to expand into joint development of electric and self-driving technology, actions meant to save the automakers billions of dollars.
Ford and VW will announce their partnership against the backdrop of the Detroit auto show, VW Chief Executive Herbert Diess told reporters on Monday. The companies in recent months have discussed cooperating in vans and other commercial vehicles, and have said that any expanded alliance would not involve a merger or equity stakes.
They have scheduled a joint conference call at 8:30 a.m. EST (1330 GMT) to provide an update on the status of the proposed collaboration.
The two automakers have been exploring closer cooperation as trade frictions force carmakers to rethink where they build vehicles for Europe, the United States and China.
The expanding alliance highlights the growing pressure on all global automakers to manage the costs of developing electric and self-driving vehicles, as well as technology required to meet tougher emissions standards for millions of internal combustion vehicles they will sell in the years to come.
Slowdowns in the world's largest auto markets - China and the United States - have ratcheted up the pressure to cut costs. The scope of the VW-Ford alliance was still being determined ahead of the auto show as talks covered cooperation in the area of electric and autonomous cars.
The framework of the alliance is expected to include the pooling of resources in autonomous technology and VW investing in that Ford business, and Ford licensing Volkswagen's MEB electric vehicles platform, sources have said.
Volkswagen's Diess confirmed at the Detroit auto show on Monday that the alliance will include VW gaining access to Ford's midsized Ranger pickup truck platform.
In June 2018, Ford and VW revealed talks about an alliance in commercial vehicles and added they were looking at other joint projects.
Executives with both companies have talked about the potential savings of a deeper alliance, and VW officials have talked openly about building their vehicles in Ford plants, and Ford using the German automaker's electric vehicle platform.
The tie-up with Volkswagen serves as a big bet for Ford Chief Executive Jim Hackett since he took over in May 2017 from the ousted Mark Fields with the mandate to speed up decision-making and cut costs. Some analysts and investors have been frustrated by Ford's laggard stock price and a perceived lack of details from Hackett about the Dearborn, Michigan-based automaker's $11 billion restructuring.
Last week, Ford said it would cut thousands of jobs, discontinue building money-losing vehicles and look at closing plants as part of a turnaround effort for its unprofitable European business.
On Monday, Volkswagen said it would invest $800 million to build an electric vehicle plant in Chattanooga, Tennessee, prompting U.S. President Donald Trump to congratulate the city and state in a post on Twitter the following day.
But the White House has been pushing to end subsidies on electric vehicles that would help the plant and the alliance.
(Reporting by Ben Klayman in Detroit and Jan Schwartz in Detroit; Additional reporting by Makini Brice in Washington; Editing by Steve Orlofsky Editing by Peter Henderson and Matthew Lewis)