Volkswagen no longer investing in self-driving startup Argo AI
4:15 pm Wednesday, October 26th, 2022
BERLIN (Reuters) – Volkswagen AG is no longer investing in Argo AI, the company said on Wednesday, concentrating its automated driving efforts on its existing partnerships with Bosch and Horizon Robotics in China.
Volkswagen commercial vehicles will pursue a partnership with a new, soon-to-be named partner, the carmaker said in its statement, with prototypes for its electric van, the ID. Buzz, already in test phase.
The first outcomes from the partnership between Volkswagen’s software unit Cariad and Bosch, announced in January this year, are planned for 2023, the statement said.
Volkswagen disclosed a $2.6 billion investment in Argo AI, the Pittsburgh-based self-driving startup, in June 2020.
The investment meant the startup was jointly controlled by the German carmaker and Ford Motor Co, which made an initial investment in Argo AI shortly after it was founded.
“Volkswagen is working with Argo AI to enable further working opportunities for employees and continue developing the promising projects on autonomous driving. All further cooperations with Ford remain unchanged,” Volkswagen’s statement said.
(Reporting by Jan Schwartz and Victoria Waldersee in Berlin; Editing by Matthew Lewis)
