Earlier this week, Ford Motor announced some future investment plans. More exactly, the automaker will be investing in Argo AI, a self-driving and autonomous car startup. The giant company will be allocating around $1 billion to this latter.
Ford Motor Company is more commonly known as simply Ford. It is an automaker founded in 1903. The multinational is based in Michigan, Detroit. Its products include both automobiles and commercial vehicles. And also luxury cars. These latter are sold under the Lincoln brand. Ford also owns a number of other vehicle manufacturing companies.
Ford Motor is one of the largest automakers in the world. And also the top three in the United States. It is also one of the biggest companies in the world.
Earlier this week, the manufacturer announced some new future plans. And these include investing in an up-and-coming industry. The company will be investing in an autonomous car start-up.
The self-driving and autonomous car domain is a constantly growing industry segment. Market estimates consider that the area’s sales number will greatly increase over the following years.
Ford Motor announced that it will be investing in Argo AI. The statement was released on February 10. And it offered a few details about the investment plan.
Argo AI is a new startup company. It activates in the autonomous car domain. Presently, it is based in Pittsburgh, Pennsylvania. Following the investment, it will spread out its business. As such, it will be opening offices in Michigan and also California.
Ford’s investment plan will have a value or around $1 billion. This will be allocated over the following 5 years time period.
Argo AI was cofounded just a few months ago. It was founded by Bryan Salesky and Peter Rander. Salesky is a Google car project veteran. And Rander is an Uber engineer.
Ford Motor also released a statement on the matter. According to it, the financial outlay is part of a bigger company plan. Ford’s continuing investment strategy is targeting to transform the company.
It is looking to expand its area of outreach. As such, Ford could soon become a mobility company. It may also start offering ride-sharing and ride-hailing services. Possibly, even bicycle rentals.
Mark Fields, the Ford CEO, offered additional details. He stated that the company is looking to start delivery an autonomous vehicle option. This should become available sometime by 2021. And the current investment should also advantage the Ford Motor shareholders.
According to Fields, the investment will be combining two important elements. It will make use of Ford’s global scale. And unite it with the startup’s speed and agility.
Ford’s decision could also be underlining a new trend. Or more exactly, a growing desire. Both tech companies and automakers have started uniting their forces.
They seem to be trying to surpass the still existing difficulties presented by the autonomous vehicles. Or more exactly, the task of making them an everyday occurrence.
The aforementioned Salesky also released a statement. He explained that the technological advances are behind his decision of starting a new company. More exactly, the advancements in artificial intelligence and machine learning. And also in computer vision.
But according to Salesky, Argo AI still needed a partner. One that could help it make these cars available to the millions of people of the world.
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