🧐 ProPicks AI October update is out now! See which stocks made the listPick Stocks with AI

Ford, Volkswagen-backed Argo AI to shut down- TechCrunch

Published 10/26/2022, 03:48 PM
Updated 10/26/2022, 04:01 PM
© Reuters. FILE PHOTO: An Argo Ai self driving prototype vehicle is seen outside a Ford and Volkswagen joint news conference in New York City, New York, U.S., July 12, 2019. REUTERS/Mike Segar
F
-
VOWG_p
-
VWAGY
-

(Reuters) -Self-driving startup Argo AI will shut down operations and its employees and parts will be absorbed by its main backers, Ford Motor (NYSE:F) Co and Volkswagen AG (OTC:VWAGY), TechCrunch reported on Wednesday, citing people familiar with the matter.

Argo employees were told that some of them would receive offers from the two automakers, TechCrunch said, adding that it was not clear how many employees would go to Ford, Volkswagen (ETR:VOWG_p), or lose their jobs.

Ford did not immediately respond to a Reuters request for comment, while Argo AI and Volkswagen declined to comment.

© Reuters. FILE PHOTO: An Argo Ai self driving prototype vehicle is seen outside a Ford and Volkswagen joint news conference in New York City, New York, U.S., July 12, 2019. REUTERS/Mike Segar

Argo AI in July said it had laid off about 150 employees as it made adjustments to its business plans. It still had over 2,000 employees globally after the job cuts.

Started in 2016, Pittsburgh-based Argo AI was developing the technology behind driverless vehicles. It had raised at least $3.6 billion in investments, mainly from Ford and Volkswagen.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.