-
Ford is investing $1 billion during the next five years in Argo AI,
combining Ford’s autonomous vehicle development expertise with Argo
AI’s robotics experience and startup speed on artificial intelligence
software – all to further advance autonomous vehicles
-
Founded by former Google and Uber leaders, Argo AI will include
roboticists and engineers from inside and outside of Ford working to
develop a new software platform for Ford’s fully autonomous vehicle
coming in 2021; through their equity participation, Argo AI employees
will share in the startup’s growth
-
Investment in Argo AI strengthens Ford’s leadership in bringing
self-driving vehicles to market in the near term and creates
technology that could be licensed to others in the future
Company Website:
http://corporate.ford.com/
SAN FRANCISCO -- (Business Wire)
Ford Motor Company (NYSE: F) today announces it is investing $1 billion
during the next five years in Argo AI, an artificial intelligence
company, to develop a virtual driver system for the automaker’s
autonomous vehicle coming in 2021 – and for potential license to other
companies.
This Smart News Release features multimedia. View the full release here:
http://www.businesswire.com/news/home/20170210005537/en/
Ford is investing $1 billion during the next five years in Argo AI, combining Ford’s autonomous vehicle development expertise with Argo AI’s robotics experience and startup speed on artificial intelligence software – all to further advance autonomous vehicles. Pictured are: Peter Rander, Argo AI COO; Mark Fields, Ford president and CEO; Bryan Salesky, Argo AI CEO; and Raj Nair, Ford executive vice president, Product Development. Salesky and Rander are alumni of Carnegie Mellon National Robotics Engineering Center and former leaders on the self-driving car teams of Google and Uber, respectively. (Photo: Business Wire)
Founded by former Google and Uber leaders, Argo AI is bringing together
some of the most experienced roboticists and engineers working in
autonomy from inside and outside of Ford. The team of experts in
robotics and artificial intelligence is led by Argo AI founders Bryan
Salesky, company CEO, and Peter Rander, company COO. Both are alumni of
Carnegie Mellon National Robotics Engineering Center and former leaders
on the self-driving car teams of Google and Uber, respectively.
“The next decade will be defined by the automation of the automobile,
and autonomous vehicles will have as significant an impact on society as
Ford’s moving assembly line did 100 years ago,” said Ford President and
CEO Mark Fields. “As Ford expands to be an auto and a mobility company,
we believe that investing in Argo AI will create significant value for
our shareholders by strengthening Ford’s leadership in bringing
self-driving vehicles to market in the near term and by creating
technology that could be licensed to others in the future.”
The current team developing Ford’s virtual driver system – the
machine-learning software that acts as the brain of autonomous vehicles
– will be combined with the robotics talent and expertise of Argo AI.
This innovative partnership will work to deliver the virtual driver
system for Ford’s SAE level 4 self-driving vehicles.
Ford will continue to lead on development of its purpose-built
autonomous vehicle hardware platform, as well as on systems integration,
manufacturing, exterior and interior design, and regulatory policy
management.
Argo AI will join forces with Ford’s autonomous vehicle software
development effort to strengthen the commercialization of self-driving
vehicles. Argo AI’s agility and Ford’s scale uniquely combine the
benefits of a technology startup with the experience and discipline of
the automaker’s industry-leading autonomous vehicle development program.
“We are at an inflection point in using artificial intelligence in a
wide range of applications, and the successful deployment of
self-driving cars will fundamentally change how people and goods move,”
said Salesky. “We are energized by Ford’s commitment and vision for the
future of mobility, and we believe this partnership will enable
self-driving cars to be commercialized and deployed at scale to extend
affordable mobility to all.”
The collaboration supports Ford’s intent to have a fully autonomous, SAE
level 4-capable vehicle for commercial application in mobility services
in 2021.
“Working together with Argo AI gives Ford a distinct competitive
advantage at the intersection of the automotive and technology
industries,” said Raj Nair, Ford executive vice president, Global
Product Development, and chief technical officer. “This open
collaboration is unlike any other partnership – allowing us to benefit
from combining the speed of a startup with Ford’s strengths in scaling
technology, systems integration and vehicle design.”
Also complementing the relationship will be Ford Smart Mobility LLC,
which will lead on the commercialization strategy for Ford’s
self-driving vehicles. This includes choices for using autonomous
vehicles to move goods and people, such as ride sharing, ride hailing or
package delivery fleets.
Ford will be the majority stakeholder in Argo AI. Importantly, Argo AI
has been structured to operate with substantial independence. Its
employees will have significant equity participation in the company,
enabling them to share in its success. Argo AI’s board will have five
members: Nair; John Casesa, Ford group vice president, Global Strategy;
Salesky; Rander; and an independent director.
The $1 billion investment in Argo AI will be made over five years and is
consistent with the autonomous vehicle capital allocation plan shared
last September as part of Ford Investor Day.
By the end of this year, Argo AI expects to have more than 200 team
members, based in the company’s Pittsburgh headquarters and at major
sites in Southeastern Michigan and the Bay Area of California.
Argo AI’s initial focus will be to support Ford’s autonomous vehicle
development and production. In the future, Argo AI could license its
technology to other companies and sectors looking for autonomous
capability.
About Ford Motor Company
Ford
Motor Company is a global automotive and mobility company
based in Dearborn, Michigan. With about 201,000 employees and 62 plants
worldwide, the company’s core business includes designing,
manufacturing, marketing and servicing a full line of Ford cars, trucks
and SUVs, as well as Lincoln luxury vehicles. To expand its business
model, Ford is aggressively pursuing emerging opportunities with
investments in electrification, autonomy and mobility. Ford provides
financial services through Ford Motor Credit Company. For more
information regarding Ford and its products and services, please visit www.corporate.ford.com.
About Argo AI
Argo
AI is an artificial intelligence company, based in Pittsburgh
and established to tackle one of the most challenging applications in
computer science, robotics and artificial intelligence: self-driving
vehicles. With engineering hubs in Pittsburgh, Southeastern Michigan and
the Bay Area of California, the company plans to have more than 200
employees by the end of 2017. For more information regarding Argo AI and
its work, please visit: www.argo.ai.
Risk factors:
This news release contains forward-looking statements that are based on
Ford’s current expectations for future events. Actual results could
differ materially from those stated because of risks, uncertainties, and
other factors, including lower-than-anticipated market acceptance of new
or existing products or services, or failure to achieve expected growth;
discovery of defects in vehicles resulting in delays in new model
launches, recall campaigns, or increased warranty costs; increased
safety, emissions, fuel economy, or other regulations resulting in
higher costs, cash expenditures, and/or sales restrictions; and
cybersecurity risks. For additional discussion, see Item 1A in Ford’s
2016 Form 10-K report.
For news releases, related materials and high-resolution photos and
video, visit www.media.ford.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170210005537/en/
Contacts:
Ford Motor Company
Alan Hall
734.845.4410
ahall32@ford.com
or
Angie
Kozleski
313.218.8203
akozlesk@ford.com
Source: Ford Motor Company
© 2024 Canjex Publishing Ltd. All rights reserved.