Ford bets $1B on self-driving car startup

Ford CEO Mark Fields announced a $1 billion investment in a new self-driving car tech company, Argo AI. (Photo: Ethan Miller, Getty Images) SAN FRANCISCO -- Ford Motor is betting $1 billion on the world's self-driving car future. The Detroit automaker announced Friday that it would allocate that sum over five years to a new autonomous car startup called Argo AI, which is headquartered in Pittsburgh, Pa., and will have offices in Michigan and California. Ford's financial outlay is part of a continuing investment strategy anchored to transforming the car and truck seller into a mobility company with a hand in ride-hailing, ride-sharing and even bicycle rentals. Argo AI was cofounded a few months ago by Google car project veteran Bryan Salesky and Uber engineer Peter Rander, who met while working at Carnegie Mellon University's vaunted robotics and engineering school. "The reason for the investment is not only to drive the delivery of our own autonomous vehicle by 2021, but also to deliver value to our shareholders by creating a software platform that can be licensed to others," Ford CEO Mark Fields told USA TODAY.