Ford Acquires Majority Ownership of Self-Driving Car Startup Argo AI
February 10 2017 - 3:26PM
Dow Jones News
By Tim Higgins
SAN FRANCISCO -- Ford Motor Co. has acquired majority ownership
of an artificial-intelligence startup called Argo AI and plans to
invest $1 billion in the company, the latest move in an
auto-industry spending spree to develop self-driving car
technology.
The investment, to be made during the next five years, is part
of Fords efforts to develop a self-driving car by 2021. Argo is now
a Ford subsidiary, but founders Bryan Salesky, a former Alphabet
Inc. executive, and Peter Rander, formerly with Uber Technologies
Inc., will keep equity in the startup, which they founded late last
year, Ford said.
"We think automation is going to define the automobile in the
next decade," Ford Chief Executive Mark Fields told reporters in
San Francisco.
Write to Tim Higgins at Tim.Higgins@WSJ.com
(END) Dow Jones Newswires
February 10, 2017 15:11 ET (20:11 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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