Ford Motor Co, one of the leading automobile companies, is planning to invest $1 billion in a Autonomous vehicle tech firm Argo AI. Basically the idea is to provide the world with quality self driving cars by 2021. Hence we could look up to no other company other than Ford to provide quality autonomous vehicle
Argo AI, Pittsburgh based company, founded by former executives of self driving teams, at Google and Uber, will make Ford the company’s largest shareholder.
Argo AI, which uses artificial intelligence and robotics for developing self driving cars will help Ford to develop its “virtual driving systems” at the heart of fully automated car, Ford said.
Mark Fields, CEO, Ford says that, “With Argo AI’s agility and Ford’s scale we are combining benefits of technology start up with the experience and discipline we have at Ford.” The executives say that once the technology is completely developed at Ford, it can be licensed to other companies as well. Argo AI will hire 200 more employees other than Ford personnels as an advantage in recruiting talent for an equity stake.
Mark Fields also said that, “They have the opportunity to run it pretty independently with a board, but since it is a separate company or subsidiary, it has the opportunity to recruit with competitive compensation packages and equity.”
Last year Ford’s largest investment was $75 million for a minority stake at Velodyne, a manufacturer of a laser based lidar sensing system for self driving cars.
Ford has always been modest in investing future technologies.