Volkswagen has joined Ford as a shareholder in Argo AI, following a $2.6bn commitment of capital and assets that values the self-driving system maker at more than $7bn.
US-based autonomous driving software developer Argo AI received $2.6bn in capital and assets from carmaker Volkswagen (VW) on Friday, valuing the company at more than $7bn, according to TechCrunch.
VW has invested $1bn directly and agreed to purchase secondary shares from its peer Ford for $500m over the next three years. Argo AI has taken ownership of VW’s autonomous vehicle unit, Autonomous Intelligent Driving (AID), which is valued at $1.6bn.
Ford will invest the remaining $600m of its existing…
