Ford

(F) - Get Report

announced a joint venture on Monday with

Navistar International

(NAV) - Get Report

to build commercial trucks.

The Dearborn, Mich., auto giant said the as-yet-unnamed 50-50 venture with truck and diesel engine maker Navistar will include production of Class 6 and 7 medium duty commercial trucks that will be marketed separately under the Ford brand and Navistar's International brand.

Both companies will have equal representation on the venture's board of directors, and neither company will have an equity stake in the other's parent company, Ford said.

Ford and Navistar, which is based in Chicago, may also explore opportunities in smaller commercial vehicles and diesel engine applications.

Shares of Ford closed at $26.92 on Friday while Navistar ended the trading day at $27.72.