Ford, Volkswagen-backed Argo AI to shut down- TechCrunch

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Argo Ai self driving prototype vehicle is seen outside a Ford and Volkswagen joint news conference in New York City

(Reuters) -Self-driving startup Argo AI will shut down operations and its employees and parts will be absorbed by its main backers, Ford Motor Co and Volkswagen AG, TechCrunch reported on Wednesday, citing people familiar with the matter.

Argo employees were told that some of them would receive offers from the two automakers, TechCrunch said, adding that it was not clear how many employees would go to Ford, Volkswagen, or lose their jobs.

Ford did not immediately respond to a Reuters request for comment, while Argo AI and Volkswagen declined to comment.

Argo AI in July said it had laid off about 150 employees as it made adjustments to its business plans. It still had over 2,000 employees globally after the job cuts.

Started in 2016, Pittsburgh-based Argo AI was developing the technology behind driverless vehicles. It had raised at least $3.6 billion in investments, mainly from Ford and Volkswagen.

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(Reporting by Ruhi Soni in Bengaluru and Victoria Waldersee in Berlin; Editing by Shinjini Ganguli)

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