German automaker Volkswagen AG has closed its US$2.6 billion investment in Argo AI, the Pittsburgh-based self-driving startup disclosed in a blog post on Tuesday.
Argo, founded in 2016 by Bryan Salesky and Peter Rander, is now jointly controlled by Volkswagen and Ford Motor Co , which made an initial investment in Argo shortly after it was founded.Details of the Volkswagen investment, which does not include an agreement to purchase US$500 million worth of Argo stock from Ford, was announced last July.
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