DETROIT (Reuters) -Ford Motor Co on Wednesday reported a third-quarter net loss driven by its decision to shift spending from the Argo AI self-driving business.
Ford posted a net loss of $827 million, after taking a $2.7 billion noncash pretax impairment on its investment in Argo AI.
The automaker said Argo will be “wound down” and that “talented engineers” will be offered positions with Ford.
Argo’s other key investor, Volkswagen AG, said it, too, expects to hire some personnel from Argo.
(Reporting by Joseph White and Paul Lienert in DetroitEditing by Ben Klayman and Matthew Lewis)
