Ford has invested $1 billion in a joint venture with Argo AI, a Pittsburgh-based company with ties to Carnegie Mellon. The goal is to completely outfit Ford..
Ford has invested $1 billion in a joint venture with Argo AI , a Pittsburgh-based company with ties to Carnegie Mellon. The goal is to completely outfit Ford vehicles with self-driving technology. Interestingly this isn’t a case of a large company simply hiring talent but the creation of an entirely separate company with an independent equity structure.
Ford is the “majority stakeholder” but will operate with “substantial independence.” Employees will receive equity in the company. The investment will be made over five years.
“AI makers know you basically need an automaker to make an auto,” said a person familiar with the deal commenting on Ford’s decision to connect with the company.
