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

  • August 14, 2018
    BM Mobility launches electric bike-sharing service in Malaysia
    BM Mobility has launched its Revgo electric bike-sharing service at the University of Malaya in Malaysia to provide an environmentally friendly mode of transport. A report by The Straits Times says the company will deploy 170 bikes which can travel up to 20km an hour and reach 50km on a full charge. RevGo bikes were initially deployed at the University in July, which according to BM Mobility, now has around 1,000 registered members. The campus has eight parking sites and two charging stations which can
    Read More
  • October 24, 2014
    ITS America declare Detroit as success
    ITS America, organisers of the 2014 ITS World Congress in Detroit, has declared the event a great success with more than 9,100 participants, 700 papers and 300 exhibiters plus the most extensive set of demonstrations ever staged. The introduction of Chief Technology Officer sessions was considered a big success attracting almost 800 attendees.
    Read More
  • October 10, 2018
    ComfortDelGro to deploy MaaS Global app in Singapore
    Transport company ComfortDelGro is trialling MaaS Global’s Whim app in Singapore. The Finnish mobility company secured a €9m funding round for the app in August to support its ambition in revolutionising the way people move. ComfortDelGro says the Mobility as a Service (MaaS) app’s users will be able to access its fleet of taxis as well as transition from a train or a bus or choose to finish the trip on a bicycle. Kaj Pyyhtiä, MaaS Global co-founder, says the company will use the initiative to enter
    Read More
  • October 3, 2018
    UK man refuses to take down fake speed camera on A1 road
    A 72-year-old man living beside a major UK road has refused to take down a replica speed camera. The BBC report says Mike Lacey built the fake camera for £40 using drainpipe and guttering to slow drivers passing his house next to the A1 in Beeston, Bedfordshire. Lacey says authorities have asked him to remove the structure as it was distracting for drivers. The village is divided by a dual-carriageway with a speed limit of 50mph.
    Read More

Highlighted Content