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AP National Business

Ford disbands Argo AI autonomous vehicle unit, posts loss

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Published 1:43 PM

By TOM KRISHER
AP Auto Writer

DETROIT (AP) — Ford is disbanding Argo AI, the autonomous vehicle company it co-owns with Volkswagen. The company says in its third-quarter earnings materials that it’s switching investment priorities from fully autonomous vehicles to advanced driver-assist systems. Ford is taking a $2.7 billion accounting charge to reduce the value of its investment in Pittsburgh-based Argo, and it’s writing off a cash investment of about $500 million. The charge left Dearborn, Michigan-based Ford with a net loss of $827 million from July through September. Many of Argo’s 2,000 employees will be hired by Ford or VW.

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