Volkswagen will invest $2.6 billion (USD) into Argo AI, a US-based autonomous vehicle company. This investment follows Ford’s initial investment of $1 billion (USD).
Ford and Volkswagen will hold equal stakes in Argo, while the remainder of the company’s equity has been set aside for employees.
According to Argo AI, the agreement helps positions the organisation as a technology platform company, expands the potential geography for deployment and will further fuel our product development.
With Ford and Volkswagen as partners, Argo technology could reach nearly every global market and be applied across multiple brands and to a variety of vehicle platforms, says Argo AI.
Volkswagen’s strength in Europe and other global markets will help solve the mobility challenges faced by many cities around the world. As one of the world’s largest automakers, it brings additional resources to the table, including significant experience with electric vehicles. Volkswagen’s strength in electric vehicles will allow deployment of zero-emissions self-driving vehicles in cities, Argo AI concludes.