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| Share Name | Share Symbol | Market | Type |
|---|---|---|---|
| Ford Motor Company | NYSE:F | NYSE | Common Stock |
| Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|
| 0.12 | 0.97% | 12.45 | 12.64 | 12.36 | 12.44 | 39,897,780 | 21:54:48 |
From May 2019 to May 2024
By Tim Higgins
SAN FRANCISCO -- Ford Motor Co. has acquired majority ownership of an artificial-intelligence startup called Argo AI and plans to invest $1 billion in the company, the latest move in an auto-industry spending spree to develop self-driving car technology.
The investment, to be made during the next five years, is part of Fords efforts to develop a self-driving car by 2021. Argo is now a Ford subsidiary, but founders Bryan Salesky, a former Alphabet Inc. executive, and Peter Rander, formerly with Uber Technologies Inc., will keep equity in the startup, which they founded late last year, Ford said.
"We think automation is going to define the automobile in the next decade," Ford Chief Executive Mark Fields told reporters in San Francisco.
Write to Tim Higgins at Tim.Higgins@WSJ.com
(END) Dow Jones Newswires
February 10, 2017 15:11 ET (20:11 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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