Self driving cars need virtual driving systems. That’s the conclusion Ford made when they decided to purchase Argo AI for $1 billion. With the investment, Ford becomes a majority shareholder in Argo AI. They plan to invest in the company over five years. Here’s an assessment of the deal from Argo AI’s founder:
We are at an inflection point in using artificial intelligence in a wide range of applications, and the successful deployment of self-driving cars will fundamentally change how people and goods move. We are energized by Ford’s commitment and vision for the future of mobility, and we believe this partnership will enable self-driving cars to be commercialized and deployed at scale to extend affordable mobility to all.
Argo AI is based in Pittsburgh. They plan to hire 200 employees this year.
This is the latest investment in technology by Ford. Recently, this company invested $4.5 billion in autonomous and electric vehicle production. The new CEO plans to make Ford the leader in autonomous cars for the next 100 years. Ford expects to produce their first autonomous car by 2021.