Setback
Ford and Volkswagen shut Argo AI down. Ford took a $2.7 billion write-off on its stake.
A delay, pause or setback
What the source says
“Ford will record a $2.7 billion non-cash, pretax impairment on the Argo AI investment.”
What it means
Argo AI, from Argo AI (backed by Ford and Volkswagen), is at stage 3 of 5 on our ladder: pilot. A setback stays on the record next to the milestones; the stage moves down only when the rules say so.
Human help: The maker hasn't said whether people help it remotely.
More on Argo AI
- Many Argo staff were offered jobs working on driver automation at Ford or Volkswagen.
- Argo began running test cars with no safety driver in Miami and Austin. They carried only Argo employees, not paying riders.
- Some Argo cars were offered to riders in Miami Beach through the Lyft app.
- Volkswagen finalized a partnership with Argo AI that included $1 billion in cash.
- Ford said it would invest $1 billion in Argo AI over five years.
- Argo AI was founded in late 2016, co-founded by Bryan Salesky.