Ford will sink $4 billion into its new company from this year until 2023, though that includes the $1 billion it had already set aside for Argo AI, the self-driving startup it snapped up in 2017. It sounds like the automaker is open to partnerships and investors, though, since the new LLC is structured to take on third party investments.
According to Reuters, Ford formed the new company because its executives believe that the self-driving vehicle industry will eventually be dominated by three or four major players only. It apparently wants to rise above all the startups and all its other rivals to be one of those players, and forming a spinoff to concentrate on automotive vehicle development is its way of making sure that happens.
Ford CEO Jim Hackett said: