Ford and VW shut down Argo AI, once worth $7 billion, after Amazon backed down from a deal to join the self-driving car venture. Here's what happened.
Technologies Inc.’s robo-taxi unit, Argo was highly regarded for its technical skills and big-name backers.
Ford ultimately concluded that the payoff on the breakthroughs required for robo-taxis and driverless delivery would be more than five years away.Doug Field, Ford’s chief advanced technology officer, called full-self driving “the hardest technical problem of our time. It’s harder than putting a man on the moon.”But a year ago, Ford and VW still saw a path forward for Argo if it could attract additional investment.
By early this year, there was so much optimism that Amazon would do a deal with Argo that the self-driving firm staffed up to work on outfitting the Rivian vans with autonomous technology, the people said. Argo hired about 150 people to work on the Amazon business, bringing its global workforce to more than 2,000.
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