Argo AI, an autonomous vehicle startup, is shutting down as its two big backers, Ford Motor Corp. and Volkswagen AG, indicated that the company’s technology is taking too long to commercialize.
Argo AI confirmed to MarketWatch that some of its 2,000 employees will get a chance to continue to work on AV technology with either Ford or VW TechCrunch first reported Wednesday that the company would shut down.
“We are incredibly grateful for the dedication of the Argo AI team, and so proud of our achievements together,” Argo AI Chief Executive Bryan Salesky and President Peter Rander said in a statement. “The team consistently delivered above and beyond, and we expect to see success for everyone in whatever comes next.”
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