Ford’s Argo AI looking for investments
Bloomberg is reporting on Ford’s new driverless czar:
The investment in Argo AI, a self-driving startup, is Ford’s way of trying to catch up to Alphabet Inc.’s Waymo and General Motors Co. in the driverless derby. Ford took a majority stake in Argo last year and expects to deploy autonomous vehicles running its system in a money-making business by 2021. But this move to make up for lost time in next-generation technology comes as Ford is beset by plunging profits, investors stampeding out of a stock that has fallen 24 percent this year, and a credit rating that’s now one step above junk.
Newsworthy in this story is that it appears Ford is looking– still looking— for investors.
He might even start sharing Argo’s self-driving technology with another automaker, something that’s possible because Argo remains independent. And it could happen soon. “We are in discussions,” Salesky says. “We’re definitely interested in making something happen.” That could also include going public. “We’re actually thinking about an IPO and making sure that we’re setting the company up for that,” Salesky says. A public stock sale doesn’t require winning a second automotive customer, he adds.
Starting late doesn’t help, but the race for driverless comes down to the tech.