The automobile industry is on the verge of the self-driving vehicle revolution. Almost all vehicle manufacturers are investing heavily in developing an autonomous vehicle. While some like EV giant Tesla are building the technology in-house, many others like BMW, Ford, and GM, among others, are investing in external companies for a solution. German automaker Volkswagen can also be added to the list with its latest announcement of completing its €2.3 billion investment in Argo AI.
Why Volkswagen bid on a Pittsburgh-based self-driving startup
Volkswagen has finalised its €2.3 billion investment in Argo AI, which is a Pittsburgh-based self-driving car startup. Argo is already backed by the US automotive manufacturer Ford with €890 million funding. The company is developing virtual driver systems and high-definition maps for Ford and the same will now be made for Volkswagen.