VW ploughs $2.6 billion into Argo AI
Ford and Volkswagen have co-invested in autonomous vehicle specialist Argo AI in a landmark deal that values the latter at $7 billion – and makes them “substantial majority” shareholders, the two said today.
Volkswagen and Ford will then independently integrate Argo AI’s Self Driving System (SDS) into their vehicles.
As part of the investment, VW is bundling its own $1.6 billion Autonomous Intelligent Driving (AID) company into Argo AI.
Argo AI (founded in 2017 and based in Pittsburgh, Pennsylvania) is working on delivering a SAE Level 4-capable (no human intervention required) SDS for ride sharing and goods delivery services in dense urban areas.
CEO Bryan Salesky said: “We founded Argo AI to tackle one of the most challenging applications in computer science, robotics and artificial intelligence — self-driving vehicles.