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Volkswagen throws 17 billion after startup

the German Volkswagen AG has completed an investment of 2.6 billion dollars, equivalent to about 17 billion dollars in startup company Argo AI, which is a compa

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Volkswagen throws 17 billion after startup

the German Volkswagen AG has completed an investment of 2.6 billion dollars, equivalent to about 17 billion dollars in startup company Argo AI, which is a company in the field of self-propelled technology.

The writing Autoblog.com and Reuters.

Argo AI, which is based in Pittsburgh in the UNITED states, and which was started in 2016 by Bryan Salesky and Peter Marijuana, is now partially controlled by Volkswagen and Ford Motor Co., which invested in the company shortly after it had been established. Now is the Volkswagen's investment, which was announced in 2019, conclusively also been implemented.

Volkswagen's agreement includes that VWs own device for self-propelled technology, Autonomous Intelligent Driving, are transferred to the Argo AI, so the Argos total number of employees now is over 1000.

See also: self-driving car impresses: Running 370 km by itself and hit a record

Ford and Volkswagen have engaged in a large alliancepartnerskab, which initially included the development of vans and medium-sized pickup vehicles. The cooperation is now with the joint investment in the self-propelled technologies through the Argo AI extended, and Ford will, in addition, develop and produce an electric car based on the Volkswagen group MEB-platform.

the Parties also announced that they will 'continue to find new areas where they can collaborate around electric cars, and in this way accelerate a transition to mobility that is both sustainable and economically attractive'.

the Investment of approximately 17 billion dollars is not the only one, as Volkswagen has made. Car giant has also invested in China for a larger share in the chinese elbilsmarked.

It writes the Finance in the light of an article from Reuters.

The German automobile giant will thus invest approximately 7 billion crowns in the state-owned JAC Motors for a stake of 50 percent, while it must invest an additional 8 billion in Guoxuan High-tech Co. Ltd., which produces batteries for electric cars.

Volkswagen already has a joint venture with JAC, and it is supposed that it will launch five electric models in the year 2025, where the German giant also expects to sell 1.5 million vehicles, including batterielektriske cars as well as plug-in hybrid - and brændstofcellebiler of the year.

With the new investment JAC Motors has VW raised its stake in the two companies ' joint venture, which will renew its production unit, in order to streamline production.

See also: Mercedes when the self-propelled milestone: Now park your car yourself

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