According to reports in the media published on Wednesday, citing persons with knowledge of the situation, the self-driving startup Argo AI will reportedly cease operations and its workers and components will be acquired by its primary financial supporters, Ford Motor Company and Volkswagen AG.
The employees of Argo were informed that some of them will receive offers from the two manufacturers, according to the media. The media added that it was unclear how many people would move to work for Ford or Volkswagen, or whether or not they would lose their jobs.
A request for response from media was initially met with silence from Argo AI and Volkswagen, although Ford did not immediately respond to the publication.
In July, Argo AI said that company has terminated the employment of about 150 staff in order to alter its business goals. After the job reduction, the company still had over 2,000 employees across the globe.
Argo AI is a Pittsburgh-based company that began operations in 2016 with the goal of developing the technology necessary for driverless automobiles. It has secured investments amounting to at least $3.6 billion, the majority of which came from Ford and Volkswagen.
