Ford Motor Co. said Friday it is investing $1 billion in Argo AI, an artificial intelligence company that will help it develop its self-driving vehicle. The company said Argo will help it develop a virtual driver system for the self-driving car coming in 2021, and that it may license the system to other companies. Argo AI was founded by former Google and Uber employees from their self-driving car teams. Ford will become a majority investor in the company. The investment will be made over five years. Ford shares were up 0.9% in late trade, but have gained 10% in the last 12 months, underperforming the S&P 500’s 24% gain.
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