PITTSBURGH - Volkswagen announced plans to invest $2.6 billion in Argo AI on Friday.
According to a release, VW will commit $1 billion in funding and contribute its $1.6 billion Autonomous Intelligent Driving (AID) company. AID has more than 200 employees, most of whom have been working on self-driving tech for the Volkswagen group.
VW will also purchase Argo AI shares from Ford Motor Co. for $500 million over three years. According to the release, Ford will invest the remaining $600 million of its previously announced $1 billion cash commitment to Argo AI.
Want to keep reading? CLICK HERE for more in the Pittsburgh Business Times.
Pittsburgh Business Times