Ford: Argo’s Demise Won’t Halt Work on Autonomous Driving
Ford will continue pursuing Level 3 driver-assistance technology rather than continue sinking money into the more advanced Level 4 autonomy Argo was working to refine, CEO Jim Farley tells investors.
November 1, 2022
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Dissolving autonomous-vehicle developer Argo AI doesn’t mean Ford is giving up on technologies meant to make the task of driving easier, CEO Jim Farley says.
Ford reported an $827 million net loss for the third quarter resulting mainly from a $2.7 billion charge associated with the shutdown of Argo. Ford and Volkswagen, which also is shedding its stake in Argo, each owned 42% of the Pittsburgh-based startup.
Ford will continue pursuing Level 3 driver-assistance technology rather than continue sinking money into the more advanced Level 4 autonomy Argo was working to refine, Farley tells investors.
“We still believe in Level 4 autonomy,” he says. “We’ve learned, though, in our partnership with Argo and after our own internal investments, that we will have a very long road. For the future of true L4 autonomy, we don't expect there to be a sudden ‘aha’ moment like we used to.