Technology - - Feb 14,2017
US car maker, Ford, has announced that it is investing $1 billion (800 million pounds) over the next five years in AI (artificial intelligence) company Argo AI.
The automobile manufacturer Ford Motor Co. plans to invest $1 billion over the next five years in Pittsburg-based tech startup Argo AI to help the Detroit automaker reach its objective of producing a self-driving car for commercial ride sharing fleets by 2021.
The Chief Executive Officer of Ford Motor Co., Mr. Mark Fields, stated that the investment is in line with previous declarations on scheduled capital expenditures.
Mr. Fields further stated that the next decade will be described by the automation of the vehicle, and autonomous automobiles will have as powerful an impact on society as Ford Motor's moving assembly line did 100 years ago.
He also added, with Argo AI’s swiftness and Ford’s scale the firm is joining the benefits of a technology start up with the experience and discipline the company has at Ford Motor Co.
According to Mr. Mark Fields, once this new technology is fully developed for the US carmaker, it could be authorized to other corporations.
Argo AI, which concentrates on robotics and artificial intelligence, will help create what Ford Motors calls its "virtual driver system" at the heart of the completely autonomous vehicle Ford stated last year it would develop by 2021.
The latest investment in Pittsburg-based Argo AI, founded by former directors (chief executive officer Brian Salesky and chief operating officer Peter Rander) on self-driving teams at Google Inc. and Uber Technologies Inc., will make Ford Motors Co. the corporation's largest shareholder.
Ford Motor Co. has two autonomous automobiles presently licensed for analysis in California but the latest report publicized that those autonomous automobiles only covered 590 miles in 2016.