Skip to main content
Sister Publication Links
  • Automotive News
  • Automobilwoche
  • Automotive News Canada
  • Automotive News China
Subscribe
  • Subscribe
  • Newsletters
  • Login
  • HOME
    • Latest news
    • Automakers
    • Suppliers
    • New Product
    • Environment/Emissions
    • Sales By Market
    • On The Move
    • Auto Shows
    • Munich Auto Show
    • Geneva Auto Show
    • Paris Auto Show
    • Beijing Auto Show
    • Shanghai Auto Show
  • Features
    • Long Read
    • Interview of the Month
    • Focus on Electrification
    • Focus on Technology
    • Segment Analysis
    • Cars & Concepts
    • Supplier Spotlight
    • Europe By The Numbers
  • Opinion
    • Blogs
    • Commentary
    • Guest columnists
  • Photos
    • Photo Galleries
    • Geneva Photo Gallery
    • Beijing Photo Gallery
    • Frankfurt Photo Gallery
    • Paris Photo Gallery
    • Shanghai Photo Gallery
  • Podcasts
  • Car Cutaways
  • EVENTS
    • ANE Congress
    • ANE Rising Stars
    • ANE Eurostars
    • Browse photos from the 2021 awards ceremony
  • More
    • Publishing Partners
    • Social Media
    • Contact Us
    • Media Kit
    • About Us
    • Capgemini: Securing the industry's future through a radical rethink
    • Capgemini: Succeeding with the automated driving journey through AI
    • HEXAGON: Plugging into data is the only way to make winning EVs
    • TUV Rheinland: Battery testing center for large battery packs and more
    • TUV Rheinland: Ideas, services and certifications for smart mobility
    • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
    • Toyota Europe
    • UFI Filters
    • Facebook
    • Instagram
    • LinkedIn
    • Twitter
MENU
Breadcrumb
  1. Home
  2. Automakers
April 03, 2021 08:42 AM

Self-driving startup Argo AI, backed by VW and Ford, may go public to boost funding, report says

Company could seek cash boost as its autonomous tech approaches commercialization

Bloomberg
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print
    Argo AI-MAIN.jpg
    BLOOMBERG

    Argo AI co-founder Bryan Salesky

    Argo AI, the self-driving startup backed by Ford Motor and Volkswagen Group, is considering going public as soon as this year, according to people familiar with its plans.

    Bryan Salesky, Argo’s co-founder, told employees in an all-hands meeting April 1 the company is looking to boost its funding as it comes closer to commercializing its self-driving technology, said the people, who asked not to be identified revealing internal discussions.

    Ford, which invested $1 billion in Argo in 2017, plans to roll out autonomous taxis and driverless delivery pods in 2022.

    Argo had a market value of more than $7 billion when Volkswagen completed its $2.6 billion investment in the company last July. VW plans to put self-driving vehicles on the road later this decade.

    As the technology comes closer to reality, major players, such as Alphabet’s Waymo, General Motor's Cruise and Amazon-backed Aurora Innovation., are expected to consider public offerings to meet growing financing needs. Chinese autonomous truck startup TuSimple just revealed its intention to sell shares in an IPO. Driverless truck startup Plus is in talks with special purpose acquisition companies for a merger, a route several electric vehicle firms have used to go public.

    For Argo, the timing is right because it is in the advanced stages of developing its technology, with tests running in six cities including Miami, a new lidar guidance system and a clear path to commercialization through partnerships with two of the world’s largest automakers, the people said.

    The startup is still working out specifics with its automotive partners and it’s not clear if will do a traditional IPO or merge with a SPAC, the people said. And plans could slip into next year, the people said.

    ‘Financial runway’

    “We have a solid financial runway due to investments from our partners Ford and Volkswagen, but we have always said that we’re open to additional partnerships or investment opportunities to further accelerate our growth,” Argo said in a statement.

    The Information reported earlier on Argo’s plans to go public.

    Salesky, who helped start the Google self-driving car project that became Waymo, co-founded Argo in late 2016 with Peter Rander, an alumni of Uber Technologies Inc.’s autonomous auto operations. Salesky has expressed interest in tying up with an Asian automaker to give Argo reach into all major regions.

    “We’ve got a strong global player, strong in Europe with VW and Ford being strong in the U.S.,” Salesky said in 2019 as the VW deal was being announced. “A third player is absolutely possible.”

    Argo’s workforce has grown to 1,300 and it now has operations in the U.S. and Germany.

    RECOMMENDED FOR YOU
    Beijing offers subsidies to spur demand for new-energy cars
    Recommended for You
    Cars charging China
    Beijing offers subsidies to spur demand for new-energy cars
    VW Wolfburg exterior smoke stacks 2022
    Putin is pushing Germany's economy to the brink with gas supplies
    B-ON Vehicle Family
    Former BMW CFO plans rapid expansion in electric van sector including U.S. plant
    Sign up for free newsletters
    EMAIL ADDRESS

    Please enter a valid email address.

    Please enter your email address.

    Please verify captcha.

    Please select at least one newsletter to subscribe.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    Get Free Newsletters

    Sign up and get the best of Automotive News Europe delivered straight to your email inbox, free of charge. Choose your news – we will deliver.

    You can unsubscribe at any time through links in these emails. For more information, see our Privacy Policy.

    SUBSCRIBE TODAY

    Get 24/7 access to in-depth, authoritative coverage of the auto industry from a global team of reporters and editors covering the news that’s vital to your business.

    SUBSCRIBE NOW
    Connect with Us
    • Twitter
    • Facebook
    • LinkedIn
    • Instagram

    Founded in 1996, Automotive News Europe is the preferred information source for decision-makers and opinion leaders operating in Europe.

    Contact Us

    1155 Gratiot Avenue
    Detroit MI  48207-2997
    Tel: +1 877-812-1584

    Email Us

    ISSN 2643-6590 (print)
    ISSN 2643-6604 (online)

     

    Resources
    • About us
    • Contact Us
    • Advertise with us
    • Advertise with Us
    • Ad Choices Ad Choices
    • Sitemap
    Awards
    • Rising Stars
    • Eurostars
    • Leading Women
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Automotive News Europe
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • HOME
      • Latest news
      • Automakers
      • Suppliers
      • New Product
      • Environment/Emissions
      • Sales By Market
      • On The Move
      • Auto Shows
        • Munich Auto Show
        • Geneva Auto Show
        • Paris Auto Show
        • Beijing Auto Show
        • Shanghai Auto Show
    • Features
      • Long Read
      • Interview of the Month
      • Focus on Electrification
      • Focus on Technology
      • Segment Analysis
      • Cars & Concepts
      • Supplier Spotlight
      • Europe By The Numbers
    • Opinion
      • Blogs
      • Commentary
      • Guest columnists
    • Photos
      • Photo Galleries
      • Geneva Photo Gallery
      • Beijing Photo Gallery
      • Frankfurt Photo Gallery
      • Paris Photo Gallery
      • Shanghai Photo Gallery
    • Podcasts
    • Car Cutaways
    • EVENTS
      • ANE Congress
      • ANE Rising Stars
      • ANE Eurostars
        • Browse photos from the 2021 awards ceremony
    • More
      • Publishing Partners
        • Capgemini: Securing the industry's future through a radical rethink
        • Capgemini: Succeeding with the automated driving journey through AI
        • HEXAGON: Plugging into data is the only way to make winning EVs
        • TUV Rheinland: Battery testing center for large battery packs and more
        • TUV Rheinland: Ideas, services and certifications for smart mobility
        • TUV Rheinland: Testing of automated and autonomous vehicles on test tracks
        • Toyota Europe
        • UFI Filters
      • Social Media
        • Facebook
        • Instagram
        • LinkedIn
        • Twitter
      • Contact Us
      • Media Kit
      • About Us