Published in Transportation

Ford spends fortune on autonomous cars

by on25 July 2018

Ford Prefect might be nicely inconspicuous

Ford Motor plans to spend $4 billion through 2023 in a newly created company dedicated to building out an autonomous vehicles business.

The automaker announced it has created Ford Autonomous Vehicles , which will house the company's self driving systems integration, autonomous vehicle research and advanced engineering, AV transportation-as-a-service network development, user experience, business strategy and business development teams.

The $4 billion spending plan includes a $1 billion investment in startup Argo AI. The new outfit will be primarily based at Ford's Corktown campus in Detroit and will hold Ford's ownership stake in Argo AI, the company's Pittsburgh-based partner for self-driving system development.

Ford CEO Jim Hackett said"  “Now is the right time to consolidate our autonomous driving platform into one team to best position the business for the opportunities ahead. Ford has made tremendous progress across the self driving value chain — from technology development to business model innovation to user experience."

Last modified on 25 July 2018
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