Dejkala
No Result
View All Result
  • Home
  • Tech
  • Banking & loan
  • Games
  • Car’s & Bike’s
  • Home
  • Tech
  • Banking & loan
  • Games
  • Car’s & Bike’s
No Result
View All Result
Dejkala
No Result
View All Result
Home Latest update

Autonomous vehicle startup Argo AI is shutting down- Dejkala

by hasibul
October 26, 2022
in Latest update
0
Autonomous vehicle startup Argo AI is shutting down- Dejkala
0
VIEWS
Share on FacebookShare on Twitter


Autonomous vehicle company Argo AI is shutting down. In an earnings report, Ford (a major investor in Argo AI) noted that the company is being wound down and that it will hire engineers from the startup to expand and speed up development of Level 2+ and Level 3 autonomous driving systems.

Ford says that it made a decision to refocus its self-driving capital spending from the Level 4 systems Argo was working on (where the vehicles handles most driving operations) to Level 2+ (advanced driver assistance) and Level 3 (conditional automation) tech it’s developing in-house. It noted that Argo AI wasn’t able to attract new investors and that it was taking a “$2.7 billion non-cash, pretax impairment on its investment” in the company, which led to it posting an $827 million net loss for Q3.

According to TechCrunch, which first reported on Argo AI’s closure, Volkswagen and Ford will snap up the company’s tech and other assets. It’s not clear how the automakers, which invested at least $3.6 billion into Argo AI between them, are divvying things up nor how many of Argo AI’s more than 2,000 workers they plan to make employment offers to. All Argo AI employees will receive bonuses as part of their severance package, with those who Ford and VW don’t keep on receiving additional payments and health insurance, according to the report.

“In coordination with our shareholders, the decision has been made that Argo AI will not continue on its mission as a company,” an Argo AI spokesperson told Engadget in a statement. “Many of the employees will receive an opportunity to continue work on automated driving technology with either Ford or Volkswagen, while employment for others will unfortunately come to an end.”

“We are incredibly grateful for the dedication of the Argo AI team, and so proud of our achievements together,” Argo AI co-founders CEO Bryan Salesky and president Dr. Peter Rander said. “The team consistently delivered above and beyond, and we expect to see success for everyone in whatever comes next, including the opportunities presented by Ford and VW to continue their work on automated driving technology.”

In 2017, Ford said it would invest $1 billion into Argo AI over five years. Two years later, VW committed $2.6 billion in capital and assets toward the startup. Around that time, Ford and VW said they would work on vehicles that harness Argo AI’s autonomous driving tech. Between them, the automakers held a “substantial majority” stake in Argo AI.

Argo AI had been testing its tech on public roads in the US and Germany. In May, it commenced driverless operations in Austin and Miami without a safety driver at the wheel. Lyft was among the companies that were looking at deploying Argo AI-powered vehicles. Just last month, Argo AI announced a number of tools and services designed to support autonomous delivery and robotaxi operations.

Creating a robust and safe self-driving system is not exactly an easy challenge. Full Level 5 autonomy is still at least several years away from becoming truly viable for the mass market. To that end, Ford said in its earnings report that “the auto industry’s large-scale profitable commercialization of Level 4 advanced driver assistance systems will be further out than originally anticipated.”

All products recommended by Engadget are selected by our editorial team, independent of our parent company. Some of our stories include affiliate links. If you buy something through one of these links, we may earn an affiliate commission. All prices are correct at the time of publishing.


ShareTweetShare

Related Posts

60% of U.S. Twitter users took breaks from it in the past year- Dejkala
Latest update

60% of U.S. Twitter users took breaks from it in the past year- Dejkala

May 19, 2023
Epic’s Mega Sale is back with a free copy of Death Stranding- Dejkala
Latest update

Epic’s Mega Sale is back with a free copy of Death Stranding- Dejkala

May 18, 2023
The 16 Best Movies on HBO Max Right Now- Dejkala
Latest update

The 16 Best Movies on HBO Max Right Now- Dejkala

May 18, 2023
Nike and Strava partner up for curated workouts and original content- Dejkala
Latest update

Nike and Strava partner up for curated workouts and original content- Dejkala

May 18, 2023
Montana is first state to ban TikTok over national security concerns- Dejkala
Latest update

Montana is first state to ban TikTok over national security concerns- Dejkala

May 18, 2023
Meta's unusual decision to open-source LLaMA marks a different approach from rivals, driven by the belief that the move will help increase its influence in AI (New York Times)- Dejkala
Latest update

Meta's unusual decision to open-source LLaMA marks a different approach from rivals, driven by the belief that the move will help increase its influence in AI (New York Times)- Dejkala

May 18, 2023
Next Post
How to save money on clothes with this Chrome shopping extension- Dejkala

How to save money on clothes with this Chrome shopping extension- Dejkala

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Categories

  • Earn Money Online
  • Game news and review
  • Laptops
  • Latest update
  • Smartphone Reviews & News
  • TODAY Tech News
  • Upcoming Technology
  • Wordpress plugin
  • WordPress themes
  • World Wide Bike Reviews and News
  • World Wide Car News

Recommended

Salesforce reports Q4 revenue up 14% YoY to $8.38B vs. $7.99B est., Q1 revenue guidance above est., and a share buyback program increase to $20B; CRM jumps 13%+ (Reuters)- Dejkala

Salesforce reports Q4 revenue up 14% YoY to $8.38B vs. $7.99B est., Q1 revenue guidance above est., and a share buyback program increase to $20B; CRM jumps 13%+ (Reuters)- Dejkala

March 1, 2023
The Fitbit Inspire 3 is down to $70 in an Amazon Black Friday deal- Dejkala

The Fitbit Inspire 3 is down to $70 in an Amazon Black Friday deal- Dejkala

November 23, 2022
How to buy the Samsung Galaxy S23 and find the best deals- Dejkala

How to buy the Samsung Galaxy S23 and find the best deals- Dejkala

February 1, 2023
Microsoft announces an in-person press event at its Redmond HQ on February 7 at 10am PT, expected to focus mainly on its OpenAI partnership and ChatGPT for Bing (Tom Warren/The Verge)- Dejkala

Microsoft announces an in-person press event at its Redmond HQ on February 7 at 10am PT, expected to focus mainly on its OpenAI partnership and ChatGPT for Bing (Tom Warren/The Verge)- Dejkala

February 6, 2023
Citizen Lab: Russia's PROTEI is selling internet censorship software to an Iranian telco, allowing monitoring and interception of all Iranians' communications (Wall Street Journal)- Dejkala

Citizen Lab: Russia's PROTEI is selling internet censorship software to an Iranian telco, allowing monitoring and interception of all Iranians' communications (Wall Street Journal)- Dejkala

March 28, 2023
How centralized crypto exchanges could offer "proof of solvency" while protecting depositors' privacy by using ZK-SNARKs, a type of zero-knowledge proof (Vitalik Buterin's website)- Dejkala

How centralized crypto exchanges could offer "proof of solvency" while protecting depositors' privacy by using ZK-SNARKs, a type of zero-knowledge proof (Vitalik Buterin's website)- Dejkala

November 21, 2022
60% of U.S. Twitter users took breaks from it in the past year- Dejkala

60% of U.S. Twitter users took breaks from it in the past year- Dejkala

May 19, 2023
Epic’s Mega Sale is back with a free copy of Death Stranding- Dejkala

Epic’s Mega Sale is back with a free copy of Death Stranding- Dejkala

May 18, 2023
The 16 Best Movies on HBO Max Right Now- Dejkala

The 16 Best Movies on HBO Max Right Now- Dejkala

May 18, 2023

Categories

  • Earn Money Online
  • Game news and review
  • Laptops
  • Latest update
  • Smartphone Reviews & News
  • TODAY Tech News
  • Upcoming Technology
  • Wordpress plugin
  • WordPress themes
  • World Wide Bike Reviews and News
  • World Wide Car News

Pages

  • About Us
  • Banking & loan
  • Car’s & Bike’s
  • Contact Us
  • Games
  • Home
  • Home 2
  • Privacy Policy
  • Tech

© 2022 Dejkala

No Result
View All Result
  • Homepages
    • Home – Layout 1
    • Home – Layout 2

© 2022 Dejkala