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Vw Is Investing $2.6B In Argoai After Cash Infusion From Ford

by businessinsider.com posted 4days ago 9 views
Volkswagen on Friday announced a $2.6 billion total investment in ArgoAI, a self-driving-vehicle startup that spun out of Carnegie Mellon University in 2016 and that had earlier attracted $1 billion in funding from Ford. VW's investment is $1 billion in cash, with the additional contribution of its $1.6-billion, Munich-based Autonomous Intelligent Driving division. ArgoAI would remain an independent company post-deal, which would allow it to seek additional investment from other partners. Also on Friday, VW and Ford revealed additional details of their ongoing alliance, which commenced earlier this year.

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