• Volkswagen to invest $2.6 billion in Argo AI

    By: Mike Larson – Managing Editor, Pittsburgh Business Times

    Updated:

    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.

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