Ford reins in hopes for self-driving cars as Argo AI shuts down
Ford Motor Co. is lowering its expectations for self-driving cars after spending $1 billion on soon-to-close startup Argo AI.
Argo AI told MarketWatch that some of its 2,000 people may collaborate on automotive technology with Ford and Volkswagen AG. Volkswagen supported Argo.
Executives cited challenges in establishing technology, vehicle fleets, and the massive infrastructure of non-technological services to profit from self-driving cars.
They suggested using their current workforce on simpler driver-assistance technologies.
As supply-chain disruptions cause component shortages and increased pricing, the car industry faces urgent production and demand difficulties.
Some supply-chain issues have improved. Higher pricing may deter automobile purchasers.
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