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An Argo AI modified Ford Motor Co. Fusion autonomous vehicle is seen driving along a street near the company's headquarters in Pittsburgh, Pennsylvania, U.S., on Thursday, Aug. 16, 2018. The business of building self-driving vehicles is expensive. To share the costs, Ford will be taking on Volkswagen as an investor in its Argo AI venture fund.
Earlier this year Ford and Volkswagen announced that they would collaborate on commercial vans and midsize trucks. Their joint-development efforts also included a signed"memorandum of understanding" to combine efforts to reduce the costs of researching autonomous vehicles and mobility services. Today the
, the autonomous tech subsidiary Ford established in Pittsburgh in 2017 and funded with $1 billion over five years to help it commercialize self-driving technology.The terms of the agreement call for Volkswagen to invest $600 million in equity in Argo AI and $1.1 billion in working capital, with each manufacturer owning 50% of the business. WSJ also reported that Argo AI could receive additional assets from VW over time.
I love it when corporations talk about future plans that are very far into the future...like mass producing electric cars and doing away with gas driven cars.
wow.. Money is Honey
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Source: CNBC - 🏆 12. / 72 Read more »