The companies "will share details of new collaborations also aimed at better serving their customers while improving each company's competitiveness and capital efficiency", Ford said in a statement on Thursday.
Ford Automotive President Joe Hinrichs on the company's shift toward SUVs and trucks.
Auto firms are also facing new competitors in the industry such as Google and Uber which are also working on self-driving vehicles and have access to enormous financial resources.
Representatives for Ford and VW declined to comment ahead of Friday's press conference with chief executive officers Jim Hackett and Herbert Diess.
Analysts at Citi said Ford licensing Volkswagen's MEB platform is a "transformational" step for both companies.
If VW agrees to allow Ford to license its electric-vehicle platform, it will help the German automaker hit 2020 earnings estimates by "guaranteeing" some profit from EVs next year, and also would likely provide VW with "an unassailable scale advantage in the market", said Angus Tweedie, a Citigroup analyst.
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Stranger Things 3 just broke a huge Netflix record
After a disastrous second season, we return to Hawkins for the summer of 1985 and catch up with all the members of the gang. While the streaming platform has yet to officially announce the next season, it's only a matter of time before they do.
Russia delivers parts of advanced missile system to Turkey challenging NATO alliance
Turkey has urged formation of a commission to clarify any technical issues, but the USA has failed to respond to this proposal. Turkish Defense Minister Hulusi Akar said later that Ankara would begin the deployment of the S-400 systems in October 2019.
Diess said Ford would pay VW "set by set" for the use of VW's electric vehicle components, and that revenue from those Ford vehicles over six years could reach $10 billion.
Ford will engineer and build a medium-sized pick-up to be sold by both brands in Europe, Africa, the Middle East, Asia Pacific and South America from 2022.
Suppliers familiar with Ford's plans say the No. 2 US automaker is developing a broader portfolio of electric vehicles, a lot of them crossovers that will carry the Ford and Lincoln brands, for North America and China.
VW's Argo AI investment includes $1 billion in cash, which matches what Ford first committed to the company in 2017, along with the integration of its existing Autonomous Intelligent Driving company that is now 200 employees strong.
Ford may leverage its access to VW's electric-car architecture to comply with stricter European emissions rules. A second model - again, designed for Europe - is under discussion at the company.
Volkswagen will put forward just under £2.1 billion - including £800 million in direct funding and the transferring of its own Autonomous Intelligent Driving (AID) company, valued at £1.28bn - as well as purchasing shares from Ford over a three-year period.