News abstracts for those who value their time
World | Politics | Technology

UPDATE 1-A Ford-VW alliance with Argo could redraw self-driving sector

[2019.07.12, Fri 01:10] DETROIT, July 11 - An expanded alliance between Ford Motor Co and Volkswagen AG that includes a partnership in Ford self-driving unit Argo AI could redraw the balance of power in autonomous vehicles. Argo has been overlooked as Waymo, Alphabet Inc's self-driving subsidiary, has deployed its robo-vans, and General Motors Co's Cruise Automation subsidiary has raked in billions of dollars in investments. Earlier estimates of Argo's value have ranged from $2 billion to $4 billion. Depending on the size of a VW investment, that valuation could rise to $7 billion, according to a source familiar with the Ford-VW discussions. The value of ride services firm Uber Technologies' Advanced Technologies Group climbed to more than $7 billion earlier this year after SoftBank, Toyota Motor Corp and Denso Corp invested $1 billion. VW, whose Audi unit heads the German automaker's Automated Intelligence Driving unit in Munich, reportedly considered a $13.7 billion investment last year in Waymo for a 10 percent stake that would have valued Waymo at $137 billion. Investors include Hyundai and Amazon Inc. Argo, which is majority-owned by the No. 2 U.S. automaker, is part of Ford Autonomous Vehicles LLC. Ford set up the unit in 2018, pledging to invest $4 billion until 2023.. Google the news >>

<< Back

(c) 2019 Geo Glance