The new subsidiary will include around 550 employees from Argo.
Ford announced the creation of a new wholly owned subsidiary called Latitude AI to lead its efforts to develop a hands-free, eye-off, unsupervised driving system. The company has rehired about 550 employees from Argo AI, the autonomous vehicle operator thatLatitude AI will be based in Pittsburgh, which is where Argo AI was previously headquartered and has emerged in recent years as a hub of AV research and startups.
To be sure, Level 4 autonomous vehicles are enormously expensive to develop and maintain. And the return on that investment keeps getting pushed further into the future, with many operators insisting on a need to move slowly as the technology matures. Today, several hundred autonomous vehicles associated with companies like Waymo, Cruise, Zoox, and Motional are operating in half a dozen cities, with only a small percentage actually bringing in revenue from ridehail trips.
In Ford’s view, it would rather collect monthly ADAS subscription fees from its millions of customers than wait years — or potentially decades — for an urban robotaxi service to begin generating profits. In Ford’s view, it would rather collect monthly ADAS subscription fees from its millions of customers than wait years — or potentially decades — for an urban robotaxi service to begin generating profits
Still, the shuttering of Argo AI sent shockwaves through the industry, as Ford was one of the first big automakers to give voice to the growing pessimism around AVs. Meanwhile, Argo’s main rivals, Waymo and Cruise, have gone through major leadership shake-ups. Valuations have dropped as timelines have stretched further and further out. Companies that went public by SPAC have seen their share price tumble. The costs have grown while revenues have been slow to trickle in.
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