Volkswagen invested $ 2.6 billion in the development of selfdriving cars

Volkswagen invested $ 2.6 billion in the development of selfdriving cars

June 2, 2020 0 By autotimesnews

German automaker Volkswagen AG closed a $ 2.6 billion investment deal in startup Argo AI, which specializes in the production of unmanned vehicles. It is reported by Reuters.

Argo, founded in 2016 by Brian Saleski and Peter Rander, is currently jointly controlled by VW and Ford Motor Co, who made an initial investment in Argo shortly after its founding.

Details of investing in VW, which does not include an agreement to buy $ 500 million in Argo shares from Ford, was announced last July.

According to Saleski, the agreement provides for the transfer of Argo’s VW unmanned vehicle division based in Munich, which will increase Argo’s staff to more than 1,000 people.

VW said last week that its supervisory board had approved several projects as part of a multi-billion dollar alliance with Ford, which was also announced last July.

In 2018, Ford created Ford Autonomous Vehicles LLC, pledging to invest $ 4 billion by 2023, and was looking for outside investors to help share the rising costs of developing autonomous vehicles.