German automaker Volkswagen AG and Big Three U.S. automaker Ford Motor are considering teaming up on a range of projects, including jointly developing commercial vehicles, that would help them better compete in a global market that’s demanding better tech and more efficient, lower-emission vehicles. The two companies announced Tuesday they had signed an agreement to explore a strategic alliance. Any alliance between VW and Ford will not involve the companies taking ownership stakes, Ford said in an announcement Tuesday.

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