Ford in telematics JV with Peugeot, Renault

FRANKFURT, March 14 Reuters is reporting that Ford said on Thursday it would set up a joint venture in car communications systems, or telematics, with French carmakers PSA Peugeot-Citroen and Renault .

The three will take an equal share in an unnamed new company which will develop wireless services for European customers, the companies said in a press release.

Carmakers say there is huge potential for telematics, which includes car navigation systems, emergency assistance and weather forecasting.

The companies said they expected to make unspecified cost savings through economies of scale and by sharing their experiences from existing telematics facilities. The company's formation is subject to antitrust approval.