DETROIT (Reuters) – Volkswagen AG’s $2.6 billion investment in the Ford Motor Co. Today, the AI self-driving system, which is to be announced on Friday, it immediately vaults to the two-year-old, Pittsburgh-based startup, one of the top companies in the industry.
FILE PHOTO: The logo of German carmaker Volkswagen is seen at a Volkswagen (VW) auto manufacturing plant in Puebla, near Mexico City, September 23, 2015. REUTERS/Imelda Medina/File Photo
Today and said VW is investing $ 1 billion in cash and contribute to the Eu’s self-driving system, with a total value of $1.6 billion. The investment deal will give the Argo a rating of a little more than $7 billion, which is one of the largest in the autonomous vehicle industry.
VW has been buying the Argo shares up to the $500 million provided by Ford, which acquired a majority stake in Pittsburgh-based start-up in 2017. The VW and the Ford motor company will have a non-controlling interest, net, as Today the founders Bryan Salesky, Peter Rander, and a swimming pool on the Argo staff.
VW and Ford each hold two seats on the Ride board of directors in office with a vote share of just under 30 per cent, while the Argo holds three seats, representing more than 40%. The companies declined to disclose the level of their real interest in the Ride.
Ford previously agreed to inject $1 billion over five years in a Dream.
In other words, Today’s Chief Executive, Salesky said, “We’ve got two major customers and the investors that are going to help us really scale, and have been with us for the long haul.”
Salesky said the Ride would be like to be more of a strategic or financial investor, to help with the costs of bringing self-driving cars on the market.
“We are well aware that this is a time-, talent – and capital-intensive business,” he said.
The Ford-VW’s co-operation with the Dream to be able to help with the speeding up of the implementation of the schedule for the two automakers who are planning for autonomous vehicles in operation in 2021.
Today, it has been overlooked as a Waymo, Alphabet, Inc., the self-driving subsidiary, has deployed its robo-vans, and General Motors Co. Cruise of the Automation unit, has raked in billions of dollars of investment.
With the VW, the world’s largest car maker by sales volume last year, Argo, is now on a par with, a partner that has a significant size and resources. The VW has a wider product portfolio includes heavy-duty trucks and off-road vehicles, which can be automated with the Dream’s help.
“Our platform is scalable to virtually any type of vehicle,” Salesky said.
The Ford-VW, a collaboration with the Argo could also have wider implications for other similar partnerships, as well as valuations of the related start-up companies.
The value of the autonomous drive to start the Cruise, jumping to $19 billion earlier this year after it pulled in more than $6 billion in investment from SoftBank Group, Honda Motor Co., and T. Rowe Price.
FILE PHOTO, The Ford logo is displayed at the North American International Auto Show in Detroit, Michigan, united states, January 15, 2019 at the latest. REUTERS/Brendan McDermid
The value of a pick-up in-services firm Uber Technologies, Advanced Technologies, and the Group went up to more than $7 billion earlier this year after SoftBank, Toyota Motor Corp., and Denso Corp. (a) an investment of $1 billion.
These models have been dwarfed by the estimates for the Waymo, which is widely recognized as the industry leader. Morgan Stanley’s values, Waymo the way up to $175 billion, while Jefferies of the values of the company, up to $250 million.
VW is reportedly considered a $13.7 billion investment last year in the Waymo for a 10% stake that would have valued Waymo at $137 billion.
Editing by Bernadette Baum