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.

For more information on companies in this article

Related Content

  • Kapsch secures business with 5.9GHz expertise
    April 22, 2013
    Kapsch TrafficCom appears at the 23rd ITS America Annual Meeting with an important recent validation of the versatility of its 5.9 GHz DSRC multi-modal, integrated and interoperable technologies. Earlier this month, the company announced it had been selected by HNTB and the Michigan DOT (MDOT) to deliver a Truck Parking Connected-Vehicle System at five sites along the I-94 corridor in Michigan. The Kapsch solution consists of a 5.9 GHz Dedicated Short Range Communications (DSRC) in-vehicle unit and roadside
    Read More
  • Sistemas Palazón demonstrates sliding safety device
    March 25, 2014
    Reducing damage to vehicles and their passengers in impacts with street furniture is the object of a new type of mounting being shown by Spanish company Sistemas Palazón. Despite the huge sums of money spent by car manufacturers on improving the safety of their vehicles, severe damage can still be caused if they hit unyielding objects.
    Read More
  • EU awards finalists announced
    February 26, 2014
    The European Commission has announced the six finalists of two awards which honour the actions of European cities in developing and promoting sustainable approaches to urban mobility. This year’s Sustainable Urban Mobility Plan (SUMP) award recognises cities with SUMPs illustrating the ‘integration of economic, social, and environmental policy criteria’, the theme of the 2013 awards. The award is presented to local authorities which demonstrate excellence in developing and implementing their sustainable
    Read More
  • Panasonic to launch autonomous cart ride-share in 2021
    November 6, 2019
    Panasonic is to launch a ride-sharing service of autonomous electric carts in Japan in 2021 for small towns and other ‘confined’ areas. A report by The Mainichi says the company is now using four carts to transport more than 14,000 employees around its headquarters in Osaka Prefecture ahead of the commercial launch. The carts operate at 20 km/h per hour on a 2.4km loop around the premises, which is around 468,000 m2 in size. An spokesperson is quoted as saying during a press conference: "We are not tryin
    Read More

Highlighted Content