Volkswagen invests $2.6 billion in Pittsburgh's Argo AI, partnering with Ford on self-driving cars

[yortsed snacilbuper]

Volkswagen is investing $2.6 billion into Pittsburgh-based Argo AI following Ford's own billion-dollar investment in the autonomous vehicle company. It's part a larger partnership on self-driving and electric vehicles with plans to put self-driving cars on the roads in both the U.S. and Europe.

The Pittsburgh startup began less than three years ago with three employees. Now it's valued at $7 billion, and it hired its 500th employee this month. Pittsburgh's mayor says it's fantastic news for the city.

"What it means for Pittsburgh is that we're bulding a new economy, an economy that will be stretching for generations and one that is based not only on our ability to make things, but the innovation it takes in order to see the future," said Pittsburgh Mayor Bill Peduto. "It is putting Pittsburgh back on the global map. In autonomous vehicles, we are one of just a handful of cities worldwide that have the people, the talent and the companies and investments now in order to see this technology take off."

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[Mc Mike]

1. I'm on the new Hazelwood Green jobsite for this av development project.

It's in the old J & L plant site, off Second Ave.

It's a huge boondogle, a real half assed makeover. Peduto's a technocrat, not quite a progressive.

Ravenstahl got into trouble for his own Second Ave high tech spending issues. I was on that jobsite, too, back when Pat Ford and Alicia Sirk went all broken arrow.