CNBC published this video item, entitled “Why Ford And VW Shut Down Their Multi-Billion Dollar Self-Driving Project” – below is their description.
Ford and Volkswagen invested $3.6 billion in self-driving startup, Argo AI, in 2017. It was an attempt to catch up to rivals such as Uber, Tesla and Google, some of the biggest tech companies making big bets on designing cars meant to drive themselves. At its height, Argo AI was reportedly valued at $12.4 billion. But in 2022, both automakers pulled out, and Argo AI was shut down. Ford said the startup had trouble attracting new investors, and that profitability was still “a long way off”. Both automakers have committed to investing big money into electrification – $50 billion in Ford’s case and $159 million in VW’s case. VW continues to pursue autonomous driving projects for commercial uses, and Ford is focusing on more modest L2 and L3 driver assistance technology.
Chapters:
0:00 — Introduction
01:21— Argo A.I.
04:14 — Why did it fail?
08:24 — Mobility doesn’t pay
10:33 — The future
Producer: Robert Ferris
Editor: Jacob Harrell
Senior Managing Producer: Tala Hadavi
Graphics: Jason Reginato, Christina Locopo, Mallory Brangan
CNBC YouTube Channel
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