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Friday, January 27, 2023

Ford-Backed Startup Argo AI Considering IPO

Ford Motor Company (NYSE: F) disclosed that Argo AI the self-driving startup is planning to go public as soon as this year. It has been disclosed that this time is crucial for Argo because currently, it is in the advanced phase of bringing sophisticated technology. It is currently doing tests in six cities including Miami.

Ford has earlier made an investment of $1 billion in Argo in 2017. It is preparing plans to launch robo-taxis and driverless delivery pods in 2022. The market value of Argo is more than $7 billion when Volkswagen executed its $2.6 billion investment in the firm last July.

The startup is continuing to work out details with its automotive associates It is not clear if the startup will do a conventional IPO or combine with a SPAC.

About Argo AI

Argo AI is a self-driving startup that is backed up by Volkswagen AG and Ford Motor Company. The staff of the self-driving startup has increased to 1,300 and it now has processes in the U.S. and Germany.

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