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

  • SICE chooses GMV to implement TVM machines on Chile Metro
    March 13, 2018
    Sociedad Ibérica de Construcciones Eléctricas (SICE) has chosen technology provider GMV to design and manufacture ticket vending machines (TVMs) that will replace the traditional personnel-attended ticket windows at the Santiago de Chile Metro’s line six and the future line three. Since opening late last year, line six is said to carry an average of 100,000 passengers daily and is helping to reduce congestion on other lines of the network. Through the agreement, 80 TVMs will vend and recharge the Chilean
    Read More
  • UK well positioned to benefit from autonomous lorries, says Inrix
    September 24, 2018
    Driver shortage, commercially-viable roads and Brexit uncertainty position the UK to develop and benefit from autonomous freighting, says Inrix. The analytics company's latest report has identified the A1 from Sheffield to Edinburgh as the most suitable corridor for testing highly automated vehicles (HAV). The Inrix Automated Freight Corridor Assessment reveals the next best-suited corridor is the M5/A38 from Plymouth to Birmingham, followed by the M4 from Swindon to Swansea.
    Read More
  • Appyparking exhibits platform to help drivers and cities
    March 19, 2018
    Appyparking is using Intertraffic to showcase a connected car platform that is said to bridge mapping, data, Internet of Things and payments drivers to provide users with more choice for destinations. The solution aims to save drivers time and money while also reducing congestion and pollution in cities. The product is part of the company’s ambition to create an urban transport application programming interface for kerbside navigation that can integrate into intelligent mobility applications which has
    Read More
  • Turkey launches Land Transport Infrastructure Summit
    July 31, 2013
    Turkey was able to ride out 2008 financial crisis and is now in a position to pour billions of dollars into its infrastructure. The Turkish government has set an ambitious 2023 vision that will vastly transform the transportation sector in the country. The Turkish Railways Authority and General Directorate of Highways plan to build more than US$100 billion worth of highway and railway lines in Turkey between now and 2023, while international consortia have already begun working on major projects such as the
    Read More

Highlighted Content