[ad_1]
Dissolving autonomous-vehicle developer Argo AI doesn’t mean Ford is giving up on technologies meant to make the task of driving easier, CEO Jim Farley said.
Ford reported an $827 million net loss for the third quarter resulting primarily from a $2.7 billion charge related to the Argo shutdown. Ford and Volkswagen, which is also divesting its stake in Argo, own 42% of the Pittsburgh-based startup.
Ford will continue with Level 3 driver assistance technology instead of continuing to sink money into the more advanced Level 4 autonomy that Argo is trying to refine, Farley told investors.
“We still believe in Level 4 autonomy,” he said. “We have learned, however, in our partnership with Argo and after our own internal investments, that we have a long way to go. For the future of true L4 autonomy, we don’t expect there to be a sudden ‘aha’ moment like before.
“Deploying L4 at scale, perhaps the most difficult technical problem of our time, will require significant breakthroughs going forward in many areas,” Farley said.
Ford already offers BlueCruise Level 3 technology, which unlike Level 4 can sometimes require the driver to be in control of the vehicle. Ford will bring Level 2 and Level 3 self-driving technology in-house and hire some of Argo’s 1,700 employees, as will VW.
“The muscle we’ve built with our new talent in the mass deployment of a transformative BlueCruise L3 system will be critical to the future of accessible driverless vehicles in everyday life,” Farley said. .
“We have strong technology partners working alongside us. And now we’re going to bring in a couple of hundred people from Argo, a brilliant collection of minds, who have done great work, who have done great work in the L4 space, but their job and mission now is to help us. create a unique Level 3 BlueCruise system.”
Volkswagen said it will continue to develop autonomous vehicles with its Cariad software and technology partner. Ford and VW continue to collaborate on the development of electric and commercial vehicles on shared architectures in the US and Europe.
The net loss resulting from the Argo restructuring offset a 10% increase in Ford’s third-quarter revenue, to $39.4 billion. Earnings before interest and taxes (EBIT) were $1.8 billion, which exceeded recent guidance.
Farley said the company is on track to reach its annual production rate of 600,000 battery-electric vehicles by the end of next year and 2 million by 2026.
“We’re adding (production) shifts on the Mustang Mach-E and F-150 Lightnings as we speak, and we’re ramping up production of the E-Transit” vans, he said.
“We have already started construction of the Blue Oval City in Tennessee, where we will manufacture a new generation EV truck and batteries. And at the same time, we have also broken ground on new BlueOval SK battery plants – multiple – in Kentucky,” said the CEO.
[ad_2]
Source link
