According to people familiar with the matter, Ford and VW are absorbing parts of the startup as it shuts down.
Multiple sources who asked to not be named said that some people would receive offers from the two automakers during an all-hands meeting. It was not clear how many people would be hired into Ford or VW.
An annual award and a transaction bonus will be given to employees upon the deal with Ford and VW being completed. These will be given to all of the employees. For people who are not retained by Ford or VW, they will be paid the same as if they were retained. The founders of the company spoke to their employees directly about the package, according to several people.
The story will be updated with official comments.
Bryan Salesky and Pete Rander started the company. In February of last year, Ford announced it would invest $1 billion into the company. Since then, the company has raised more than $2.6 billion, mostly from Ford and VW, in order to develop and test its automated driving system.
The initial investment by Ford was at a time when the industry was still in its infancy. Many of the early pioneers of the self-driving project were founded by startups. GM bought Cruise for $1 billion in 2016 and then Delphi and Amazon bought nuTonomy and Zoox, respectively.
Commercializing audiovisual technology has been more difficult than anticipated. A wave of consolidation washed over the industry, with companies folding and being absorbed into other companies, including Apple, in order to get the capital they need to continue their mission.
In the past year, Argo seemed to be moving in the right direction. The company has been testing its vehicles on public roads in Austin, Detroit, Miami, Palo Alto and Pittsburgh, where it is based. The all-electric Volkswagen ID was used in the EU. There's a buzz for its testing programs. In addition, there are pilot programs in Austin, Miami and Pittsburgh.
The company revealed an array of products and services last month. Fleet management software, data analytics, high-definition mapping, and cloud-based communication tools are included on the list. The world was told that it was open.
The story is evolving.
All Rights Reserved © 2024
