Volkswagen investment vaults Argo into top ranks of self-driving firms

Euronews | Jul 12, 2019 at 2:34 PM
  • Volkswagen AG’s $2.6-billion (£2.08 billion) investment in Ford Motor Co’s <F.N> Argo AI self-driving unit, announced on Friday, immediately vaults the two-year-old Pittsburgh-based startup into the top ranks in the sector.
  • VW and Ford each will hold two seats on the Argo board — representing a voting share of just under 30% each — while Argo will hold three seats, representing just over 40%.
  • Argo has been overlooked as Waymo, Alphabet Inc’s <GOOGL.O> self-driving subsidiary, has deployed its robo-vans, and General Motors Co’s <GM.N> Cruise Automation unit has raked in billions of dollars in investments.