Ford to Spend US$ $ Billion on Autonomous Vehicles

Published By : 26 Jul 2018 | Published By : QYRESEARCH

Ford, the automaker giants has planned to spend nearly US$4 billion by 2023 on recently build anonymous limited liability company which is dedicated to build an autonomous vehicle business.

Ford announced on Tuesday that it has created Ford Autonomous Vehicles LLC, which is aimed to play a host to the self-driving integration systems, AV transportation-as-a-service network, autonomous-vehicle research and advanced engineering, business strategy, business development teams.

Out of the US$4 billion investment, the company is said invest US$1 billion dollars in startup named Argo AI. Argo AI is a partner to Ford for self-driving system development.

The LLC is expected to be established at Ford’s Corktown campus, which is located in Detroit. Sherif Makaby who is the head of Ford’s autonomous vehicles and electrification division, is appointed as the CEO of Ford Autonomous Vehicles LLC.

According to Jim Hackett, CEO of Ford, the company has made significant advancements in the self-driving value chain. The market company has made major developments both in business model and technology advancements. He also mentions that it is the right time for the company to merge autonomous driving platform into one team, in order to provide a better business opportunities.

Last month, Ford took up a plan to transform its 1.2 million square feet of space in Corktown into a place for electric and autonomous vehicles within the next four years. Ford is looking forward to have 2500 in its Corktown Campus by the end of 2022. The new campus is planned to accommodate 2500n additional employees.

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