Volkswagen: completes investment in Argo AI

(CercleFinance.com) - Volkswagen has completed a 2.
6 billion dollar investment in Ford's autonomous-vehicle partner, Argo AI, a deal that reflects the German carmaker's aims in the self-driving vehicle business.

Last July, Ford and Volkswagen announced an agreement to share the costs of developing Argo AI's technology. As part of this collaboration, VW would join Ford by investing in Argo.

The deal - which remains on track despite the coronavirus crisis - seeks to make Argo AI's self-driving software the first with commercial deployment plans for both Europe and the US.

For the record, Volkswagen has committed 1 billion dollars in funding and also contributed its 1.6 billion dollars autonomous intelligent driving unit, which includes more than 200 employees.

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