Report: VW to Invest $1.7 Billion in Pittsburgh-based Argo AI
Joint venture intended to develop self driving technology.
A Pittsburgh-based self-driving technology company could be receiving a massive investment from one of the most recognizable brands in the world.
Citing people familiar with the deal, The Wall Street Journals says Volkswagen and Ford plan to enter a joint venture to develop "future fleets of electric and self-driving vehicles." The venture could bolster Pittsburgh's reputation as a major technology and innovation hub in the United States, and would reportedly create allies of two auto manufacturers responsible for about a fifth of new vehicles sold worldwide.
Under the proposed deal, Volkswagen would reportedly provide nearly $600 million as an equity investment in Ford's Argo venture and $1.1 billion for research and development.
Screen Cap from Argo AI website
Argo AI was founded in Pittsburgh in 2016 with three employees and received its first $1 billion in investment from Ford in 2017. Today Argo employs more than 300 people. According to the company's website , Argo AI is currently testing self-driving cars in Pittsburgh; Washington, D.C., Miami, Fla., and Detroit, Mich.
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