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DETROIT — Ford is pulling out of its funding in Argo AI, an autonomous automobile firm that it collectively owns, primarily with Volkswagen.
The corporate mentioned on Oct. 26 in its third-quarter earnings supplies that it’s switching funding priorities from absolutely autonomous autos to superior driver-assist techniques.
Ford is taking a $2.7 billion accounting cost to cut back the worth of its funding in Pittsburgh-based Argo, and it’s writing off a money funding of about $500 million.
Due largely to the noncash accounting cost, the Dearborn, Mich.-based Ford reported a web lack of $827 million from July via September.
Ford mentioned in a information launch that it has concluded that large-scale commercialization of self-driving autos “will likely be additional out than initially anticipated.” But buyer enthusiasm for driver help techniques warranted further dedication. Ford additionally mentioned Argo had been unable to draw extra buyers.
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