Ford investing $1B US inautonomous vehicle tech firm Argo AI

Ford Motor Co. plans to invest $1 billion US over the next five years in tech startup Argo AI to help the Detroit automaker reach its goal of producing a self-driving vehicle for commercial ride sharing fleets by 2021, the companies announced on Friday. The investment in Pittsburg-based Argo AI, founded by former executives on self-driving teams at Google and Uber, will make Ford the company's largest shareholder. Ford chief executive officer Mark Fields said the investment is in line with previous announcements on planned capital expenditures. Argo AI, which focuses on artificial intelligence and robotics, will help build what Ford calls its "virtual driver system" at the heart of the fully autonomous car Ford said last year it would develop by 2021. "With Argo AI's agility and Ford's scale we're combining the benefits of a technology start up with the experience and discipline we have at Ford," Fields said at a press conference.