Benzinga | Jan 18, 2022 03:18PM EST

Ford Joins Forces With ADT To Strengthen Vehicle Security

* Ford Motor Co (NYSE:F) and ADT Inc (NYSE:ADT) agreed to form a new joint venture called Canopy to provide AI-powered connected security cameras, and a corresponding mobile app for various vehicle makes and models.

* The partners expect to invest approximately $100 million during the next three years.

* The companies' initial funding is expected to close in the second quarter of 2022.

* The JV combines ADT's professional security monitoring and Ford's AI-driven video camera technology.

* Canopy plans to launch multi-sensor security systems with available professional monitoring early in 2023.

* The first products to be manufactured and sold will be available in the U.S. and the U.K. for commercial and retail pickups and vans -- including the Ford F-150, F-150 Lightning, Transit vans, and E-Transit.

* Canopy also plans to integrate camera security solutions in Ford vehicles in 2023.

* Price Action: F shares are trading lower by 2.24% at $24.63, and ADT is down by 0.19% at $7.91 on Tuesday's last check.