Ford cuts investment in autonomous vehicle unit, posts loss
Ford is pulling out of its investment in Argo AI, an autonomous vehicle company that it jointly owns mainly with Volkswagen
By AP News
Published - Oct 26, 2022, 04:44 PM ET
Last Updated - Jun 24, 2023, 12:57 AM EDT
DETROIT (AP) — Ford is pulling out of its investment in Argo AI, an autonomous vehicle company that it jointly owns mainly with Volkswagen.
The company said Wednesday in its third-quarter earnings materials that it is switching investment priorities from fully autonomous vehicles to advanced driver assist systems.
Ford is taking a $2.7 billion accounting charge to reduce the value of its investment in Pittsburgh-based Argo, and it's writing off a cash investment of about $500 million.
Due largely to the noncash accounting charge, the Dearborn, Michigan-based Ford reported a net loss of $827 million from July through September.
