Volkswagen, Ford finalizes investment in Argo AI
Strategic investment makes Ford and Volkswagen equal partners in ArgoAI, owning majority of its share
Volkswagen (VW) has finalized a USD2.6-billion investment in Argo AI, an autonomous driving startup based in Pittsburg, Pennsylvania, United States, which is driving autonomous driving technology development at Ford, the US-based automaker said in a press release today (2 June). Ford has been the leading investor in ArgoAI since early 2017 when it committed to an investment of USD1 billion in the startup in the next five years. VW’s investment in ArgoAI has made the two automakers equal partners, owning the majority of its share. The remaining ownership is with ArgoAI employees.