Volkswagen today announced plans to invest $2.6 billion in Pittsburgh based Argo AI.
According to a release, VW will commit $1 billion in funding and contribute its $1.6 billion Autonomous Intelligent Driving (AID) company. AID has more than 200 employees, most of whom have been working on self-driving tech for the Volkswagen group.
VW will also purchase Argo AI shares from Ford Motor Co. for $500 million over three years. According to the release, Ford will invest the remaining $600 million of its previously announced $1 billion cash commitment to Argo AI.
“Argo AI is fortunate to have a world-class team due to our clear mission and the commitment to deployment from our partners, and together with AID employees, we will have a global workforce to attract even more of the best talent,” said Argo AI CEO Bryan Salesky in a statement. “Plus, thanks to Ford and Volkswagen, Argo AI technology could one day reach nearly every market in North America and Europe, applied across multiple brands and to a multitude of vehicle architectures.”