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Ford, VW pullout dooms self-driving tech company Argo AI

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Ford and Volkswagen are pulling the plug on their autonomous vehicle joint venture, Argo AI, which had failed to find other investors and is shutting down its operations.

Ford is pulling the plug on robotaxi development with Argo AI. Photo courtesy of Argo

The retreat by the two giant automakers is a strong signal that the path to fully self-driving cars is too long — and too expensive.Ford said it had recorded a $2.7 billion pre-tax loss on its Argo investment, resulting in an overall net loss of $827 million for the third quarter.Some of Argo's 2,000 employees are expected to be offered jobs with the two automakers.

 

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