Daily Management Review

Volkswagen closes $ 2.6B deal with self-driving technology platform


German automaker Volkswagen AG closed a $ 2.6 billion deal with Argo Al, an American manufacturer of unmanned vehicle systems.

Under the terms of the agreement concluded in July 2019, the European headquarters of Argo will be created on the basis of the VW unmanned vehicle development unit in Munich, the cost of which was estimated at $ 1.6 billion, Head of the American company Bryan Salesky said. In addition, VW is investing $1 billion in Argo.

The Munich office will be the first for Argo outside the United States. The company’s staff has increased to approximately 1 thousand employees.

VW is the second major automaker to partner with Argo. In 2017, the American Ford Motor Co. committed to invest $1 billion in the manufacturer of unmanned vehicle systems over five years.

source: bloomberg.com