Ford to invest $4bn in AV business segment by 2023

Auto giant Ford intends to invest $4bn by 2023 to develop an autonomous vehicle (AV) business unit. The new subsidiary will be located mainly at its Corktown campus in Detroit. Called Ford Autonomous Vehicles, the business will host the company’s self-driving systems integration, AV research and advanced engineering, AV transportation-as-a-service network development, user experience, business strategy and business development teams. A report by TechCrunch says the initiative includes a $1bn investment
July 31, 2018 Read time: 1 min

Auto giant 278 Ford intends to invest $4bn by 2023 to develop an autonomous vehicle (AV) business unit. The new subsidiary will be located mainly at its Corktown campus in Detroit.

Called Ford Autonomous Vehicles, the business will host the company’s self-driving systems integration, AV research and advanced engineering, AV transportation-as-a-service network development, user experience, business strategy and business development teams.

A report by %$Linker: 2 External <?xml version="1.0" encoding="utf-16"?><dictionary /> 0 0 0 link-external TechCrunch TechCrunch link false https://guce.oath.com/collectConsent?brandType=nonEu&amp;.done=https%3A%2F%2Ftechcrunch.com%2F2018%2F07%2F24%2Fford-plans-to-spend-4-billion-on-autonomous-vehicles-by-2023%2F%3Fguccounter%3D1&amp;sessionId=3_cc-session_51314c9f-1970-47f7-a547-41a553c7763c&amp;lang=&amp;inline=false false false%> says the initiative includes a $1bn investment in Argo AI, Ford’s Pittsburgh-based partner for self-driving system development.

Jim Hackett, CEO of Ford, says: “Now is the right time to consolidate our autonomous driving platform into one team to best position the business for the opportunities ahead.”

Sherif Marakby, who leads the company’s AV and electrification division, has been appointed CEO of Ford Autonomous Vehicles.

Related Content

  • June 18, 2018
    Nauto launches solution to eliminate distracted driving
    Transportation company Nauto has launched its Prevent solution to help eliminate distracted driving by alerting motorists when their eyes have strayed off the road for too long. The company hopes to reduce accidents and collisions - before the large-scale arrival of autonomous vehicles. A report by TechCrunch says the device will send a voice notification if motorists are distracted for more than five seconds and are driving at 60mph. An alarm will follow if the user's attention has not returned to drivi
    Read More
  • June 27, 2018
    Lyft offering free rides for cancer patients in Atlanta
    Lyft is offering free trips for cancer patients seeking treatment in Atlanta, US. The initiative is part of an extended partnership with the American Cancer Society (ACS). ASC uses Lyft’s Concierge web platform to request rides on behalf of patients who do not have a ride or who are unable to drive themselves, according to media reports. The programme will also launch in Cincinnati, Denver, Houston, Los Angeles, New Jersey, Philadelphia and St. Louis.
    Read More
  • October 4, 2019
    Ford plans AV transport in Austin in 2021
    Ford Motor is to launch an autonomous vehicle (AV) transportation service in Austin, Texas, by 2021. Reuters says Ford is testing a self-driving system - developed with Argo AI, an AV technology company backed by Ford - in its Fusion Hybrid sedans. Sherif Marakby, chief executive of Ford autonomous vehicles, says the company is planning to launch the service using hybrids that can carry either people or goods. Argo AI says teams will manually drive the Fusion test vehicles to map the city’s streets an
    Read More
  • November 5, 2018
    Ford and Baidu to trial self-driving vehicles in China
    Ford has joined forces with technology company Baidu to test Level 4 self-driving vehicles in China over the next two years. Level 4, established by the SAE International (formerly the US Society of Automotive Engineers), will allow the vehicles to operate without intervention from a human driver. A report by CNBC says Ford’s self-driving vehicles are equipped with Baidu’s autonomous driving system Apollo. The cars are expected to be deployed in on-road tests by the end of 2018. Sherif Marakby, pr
    Read More

Highlighted Content