Argo AI, the driverless startup backed by Ford Motor Co. and Volkswagen AG, laid off about 150 staff Thursday as a result of the youthful agency ramped up too quickly and situated itself overstaffed.
Argo confirmed the layoffs from a worldwide workforce that has grown to larger than 2,000.
“With unbelievable progress and progress made in our mission to deploy driverless autos, we’re making prudent changes to our marketing strategy to finest proceed on a path for achievement,” the company acknowledged in an emailed assertion.
The self-driving startup based mostly in 2016 has been rising rapidly since VW invested $2.6 billion in 2020. That adopted an preliminary $1 billion funding from Ford in 2017. Argo has been on a hiring spree as a result of it targets to deploy 1,000 self-driving autos in six US cities throughout the subsequent few years.
In Might, Argo began testing self-driving autos in Miami and Austin, Texas, and never utilizing a human behind the wheel. It’s also testing its autonomous system with most people in pilot purposes with Lyft Inc. and Walmart Inc. in Miami, Austin and Washington, D.C.
Argo acknowledged its plans to commercialize the know-how for Ford and VW keep on monitor.
“Argo is a essential accomplice of our self-driving service,” Ford acknowledged in an emailed assertion, “and we are going to proceed to help them and work collectively on growing the self-driving know-how that may energy our self-driving service.”