Volkswagen AG has closed on its $2.6 billion investment in Argo AI, the Pittsburgh-based autonomous vehicle start-up announced in a blog post Tuesday.
The German automaker’s deal with Argo and Ford Motor, which acquired a majority stake in the start-up in 2017, included $1 billion in cash and Argo taking over VW’s European self-driving unit, valued at $1.6 billion, as well as the unit’s more than 1,000 employees. VW also agreed to purchase $500 million in shares of Argo from Ford over a three-year period. The deal was first announced in July 2019.
