Ford Motor Company and Volkswagen AG, Europe’s largest carmaker, today announced a formal agreement between the two companies to co-develop vehicles as early as 2022. The first products will likely be mid-size pickups for global markets, followed by commercial vans for sale in Europe. The agreement does not include any ownership stake for the other in either company, but is intended to leverage each company’s strengths to innovate, cut costs and better serve their customers. Potential collaboration on electric and autonomous vehicles and mobility services has also been discussed.