Argo AI, a self-driving car firm financed by Ford and VW, is closing – Startup Story

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Ford Motor Company and Volkswagen AG-backed startup for self-driving cars, Argo AI LLC, which had acquired $3.6 billion in funding, is closing down, and both companies are acquiring its parts. At today’s all-hands meeting, it was announced to the staff that some will be receiving job offers from Ford and VW. Additionally, it was disclosed to staff that they would get a severance package that included two bonuses and insurance. Even if they don’t get hired by Ford or VW, they will still receive termination and severance pay, as well as health insurance.
In 2021, Argo, which was founded in 2016, revealed intentions to deploy 1,000 autonomous taxis, first in Miami, Florida, and then in Austin, Texas. The cars could be reserved using Lyft. Contrary to rival General Motors Co., which has decided to keep funding the autonomous vehicle business Cruise, Ford has decided to sell its investment. Cruise just received $1.35 billion from the Vision Fund of SoftBank Group Corp. Honda Motor Co. and Microsoft Corp. are two additional investors in Cruise.
Confirmation that the company was being shut down came alongside Ford’s latest earnings report, in which the car market said it wrote off its $2.7 billion investment in Argo AI. Ford said that Argo would be “wound down” and that “talented engineers” will be offered positions with Ford. VW confirmed that it expects to hire some Argo employees as well.Argo said that it “will not continue on its mission as a company” and that the decision was made “in coordination with our shareholders.” Ford and VW hold around 39% each of Argo stocks, with Lyft Inc. owning 2%. Company employees and founders own the remaining stock.
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