Ford announces $4 billion investment in autonomous vehicle venture
In a move which will enable US automaker Ford to gain a competitive edge in the newly emerging mobility industry, the automaker has recently launched a new autonomous vehicle subsidiary called Ford Autonomous Vehicles LLC.
The launch of the new subsidiary will apparently give Ford the ability to emerge as a potential leader in electrified, autonomous ride services. The move underscores the automaker’s change over to a new business model, after its emphasis chiefly on trucks and SUVs, as compared to passenger cars, in the recent times.
In announcing its new Ford Autonomous Vehicles LLC subsidiary to achieve its targeted 2021 launch of a self-driving car network, Ford said that it is investing $4 billion in the new unit which will oversee all its AV research. The mentioned investment will include an amount of $1 billion earmarked for Argo AI.
According to the details shared by Ford, the company’s Ford Autonomous Vehicles LLC subsidiary will have several employee teams dedicated to AV research and advanced engineering as well as self-driving systems integration, AV transportation-as-a-service network development, business strategy, user experience, and business development.
The new Ford subsidiary -- which will allow the automaker to capitalize on new market opportunities and speed up its AV business -- will be spearheaded by its CEO Sherif Marakby, who is presently Ford’s Vice President of Autonomous Vehicles and Electrification.
United Kingdom News
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