Argo.ai, driverless startup backed by Ford and VW, is shutting down

Drew Anthony Smith Argo AI, the self-driving startup backed by Ford and Volkswagen, is shutting down, The Verge has learned. Employees were notified that an announcement would be made late in the day Wednesday. (The news was first reported by TechCrunch.) The company, which was founded by veterans of Google and Uber’s self-driving car projects, has lost the financial support of Ford and VW, a source said. And according to TechCrunch, the company’s resources will be absorbed by both automakers. Argo is estimated to have around 2,000 employees, though it did announce a round of layoffs earlier this year. A spokesperson for Argo declined to comment. Ford, in an announcement as part of its third quarter earnings, said that Argo has been unable to attract new… Continue reading… from The Verge – All Posts https://ift.tt/Mq9s5YH via Grabey
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