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Ford investing $1 billion into self-driving cars

(Image credit: Image source: Shutterstock/LifetimeStock)

One of the world’s largest car manufacturers, US-based company Ford, is going to invest $1 billion to research and build artificial intelligence for its vehicles.

In a recently published press release, Ford has stated that it will invest $1 billion in the Argo Artificial Intelligence company within the next five years. The company will focus on building and developing driverless cars technology.

At the beginning, Argo will build AI technology for Ford, exclusively, but after a few years, for other manufacturers, as well. This move is Ford’s biggest effort so far to enter the race for the car of the future, that Silicon Valley companies are currently running. 

Ford will be the majority owner, but will try to draw in the best robotics experts and engineers from other companies as well, as it tries to compete with Google, GM and other companies building self-driving cars. 

“The next decade will be defined by the automation of the automobile, and autonomous vehicles will have as significant an impact on society as Ford’s moving assembly line did 100 years ago,” said Ford President and CEO Mark Fields. “As Ford expands to be an auto and a mobility company, we believe that investing in Argo AI will create significant value for our shareholders by strengthening Ford’s leadership in bringing self-driving vehicles to market in the near term and by creating technology that could be licensed to others in the future.”

Image source: Shutterstock/LifetimeStock