VW said to be putting $2.6bn into Ford’s Argo AI unit

Frankfurt/Southfield — Volkswagen will invest in Ford’s autonomous-car partner Argo AI at a valuation of about $7bn, as two of the world’s largest carmakers expand an alliance formed earlier in 2019, according to people familiar with the matter.

Unprecedented shifts facing the auto industry are forcing players to consider new partnerships and potential consolidation. VW, the world’s top carmaker, offers the industry’s most ambitious roll-out of electric models, while Ford, also in the top 10, is developing advanced self-driving technology with Argo.

Argo AI was formed in 2016 by Bryan Salesky, an early leader in Google’s self-driving programme, and Peter Rander, who helped pioneer Uber Technologies’ autonomous efforts, with $1bn in backing from Ford. Aurora is led by the former heads of Google’s self-driving car project and Tesla’s Autopilot team, and has raised money from the likes of Amazon.com and Sequoia Capital.

Source: News Formal (newsformal.com)

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