Ford plans to invest $1 billion in Argo AI for autonomous vehicles
The dream for a fully-autonomous vehicle might not be far.
The acquisition is mainly to get masterminds Salesky and Rander onboard. Salesky formerly worked on self-driving
This deal adds a new element in Ford’s autonomous vehicle dream, which according to the vision by CEO Mark Fields, is scheduled to be unveiled by the year 2021.
Raj Nair, Ford's chief technical officer and product development head said, “When a talent like that comes up, you don't ignore that ability."
Salesky states that Argo plans to have 200 workers by the end of the year. Argo employees will also be given stock in the subsidiary as part of their compensation packages so they will be benefited if Argo's technology becomes successful.
The equity should set Argo apart from other companies in recruiting scarce tech workers. "There's a war for talent out there," Fields said.
Salesky also added that in return for its funding, Argo will design its driverless system exclusively for Ford and then license the technology for other automakers to use.
By pairing with Ford, Argo gets a strong financial support as well as technical knowledge on the components necessary for creating