Argo AI, an autonomous vehicle startup, is shutting down as its two big backers, Ford Motor Corp. and Volkswagen AG, indicated that the company's technology...
Argo AI, an autonomous vehicle startup, is shutting down as its two big backers, Ford Motor Corp. and Volkswagen AG, indicated that the company’s technology is taking too long to commercialize.
Argo AI confirmed to MarketWatch that some of its 2,000 employees will get a chance to continue to work on AV technology with either Ford F or VW VOW . TechCrunch first reported Wednesday that the company would shut down. For more: Five things to know about the Mobileye IPO as Intel returns the automated-driving company to Wall Street
“Especially in the development of future technologies, focus and speed count,” Oliver Blume, Volkswagen AG CEO, said in a statement. “Our goal is to offer our customers the most powerful functions at the earliest possible time and to set up our development as cost-effectively as possible.”
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