Ford and Volkswagen are trying to squeeze the surplus value of Argo AI, two automakers invested billions of dollars in it before abruptly shutting down self-driving car startups last week. One of the main projects. According to sources familiar with the company, Argo Lidar has a team of 80 people and the lidar technology they developed.
In October 2017, when Argo AI acquired Princeton Lightwave, a lidar startup based in Princeton, New Jersey, the company was established less than a year ago. The acquisition was backed by Ford and was hailed a few years later as helping to provide a key technology for Argo's comprehensive autonomous driving system.
lidar is a light detection and range measurement radar that uses lasers to measure distances and generates highly accurate three-dimensional maps of the world. It is considered by most people in the industry to be the key sensors needed to safely deploy autonomous vehicles on a commercial scale.
The team is still based in Princeton, and over the years they have developed medium-range and long-range lidar sensors.
Argo has stated that long-distance lidar has the ability to see places 400 meters away, has high resolution and realistic quality, and can detect dark and distant objects with low reflectivity of . Back in May 2021, Argo CEO and co-founder Bryan Salesky said that lidar sensors are developed to achieve cost-effective and scale production, two factors that are important to any company trying to commercialize autonomous vehicle technology.
Korean electronic components manufacturer LG Innotek began producing lidar devices for Argo this year. It is reported that companies in other vertical industries, that is, companies other than autonomous driving technology, are interested in purchasing Argo lidar sensors. It is unclear whether any of these interested people will jump out to buy the entire lidar team.
Meanwhile, some of Argo's 2,000 employees worldwide are receiving offers from Ford and Volkswagen. The two automakers invested a total of $3.6 billion in cash and $1.6 billion in value in Argo, when Argo took over the autonomous intelligent driving subsidiary of Volkswagen , which became its own entity called Argo AI GmbH.
Volkswagen plans to absorb Argo AI GmbH, based in Munich, back to the company, many of whom were former members of AID. Volkswagen will also offer jobs to about 100 former Argo employees in the U.S., a move that shows the automaker is keen to build some operations in the U.S. mainland.
According to sources, "hundreds of" employees will receive positions at Ford.
