Sharjah24 - 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's move, a sharp contrast with rival General Motors Co's decision to double down on investments in its Cruise robotaxi unit, highlights the pressure on automakers to make hard choices as the financial demands of shifting to electric vehicles continue to rise.
Both U.S. automakers continue to post heavy losses on automated-vehicle development.
Ford posted a net loss in the quarter of $827 million, after taking a $2.7 billion noncash pretax impairment on its investment in Argo AI.
Ford shares were down 1.6% in after-hours trading.
The automaker said Argo will be "wound down" and that "talented engineers" will be offered positions with Ford.
The other key investor in Pittsburgh-based Argo, Volkswagen AG, said it, too, expects to hire some personnel from Argo.
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