As it stated in “We’ll see where they go with the autonomous vehicle,” Nair said in January.
The company will include staff members at Ford who have been developing its virtual driver system for the past several years.
(Saul Loeb/AFP/Getty Images)Over the next five years, Ford will pour $1 billion into an artificial-intelligence company tasked with developing the technology that one day will drive its autonomous vehicles.
It also will open a new revenue stream if Ford licenses the technology to carmakers who have not developed their own autonomous driving systems.
“The ability to integrate into the vehicle and be able to do the vehicle engineering is just as key,” Nair added.
as declared in “From an accounting standpoint, [Argo AI] is a subsidiary,” said Ford CEO Mark Fields today at an event in San Francisco.
So by scooping up Argo, Ford is staking out a strong position in the industry that may give it an edge over tech companies.
A ride in Ford’s first self-driving car
Ford announced plans today to invest $1 billion over the course of five years into a new, previously unheard of artificial intelligence startup called Argo AI.
Ford’s goal is to tap into Argo AI’s expertise to help establish the car company as a leader in the autonomous space.
Ford is putting $1 billion into an AI startup, Detroit’s biggest investment yet in self-driving car tech
as declared in Ford has made Detroit’s biggest investment yet in self-driving technology, acquiring a majority stake in artificial intelligence startup Argo AI for $1 billion, the company announced on Friday.
This is the largest investment a traditional auto manufacturer has made in self-driving technology.
Bryan Salesky, the CEO of Argo AI, was the head of hardware at Alphabet’s car division, Waymo, for the past three years.
Argo AI was founded by two top engineers from Google and Uber who were both previously at Carnegie Mellon’s robotics institute.
General Motors acquired self-driving startup Cruise for $1 billion last year, and Uber bought autonomous trucking company Otto for $680 million, also last year.
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