German automaker Volkswagen AG (VW) has completed the infusion of $ 2.6 billion in the American company Argo AI, specializing in the development of technology for self-driving.
Argo was founded in 2016. It is now jointly controlled by VW and Ford Motor, which made an initial investment in Argo shortly after its founding.
The agreement between VW and Argo includes the transfer of Munich’s Autonomous Intelligent Driving unit, resulting in Argo staff exceeding 1,000.
Last week, the VW Supervisory Board approved several projects as part of the multi-billion dollar alliance with Ford, which was announced last summer.