Driverless car startup lays off 150 workers
The startup has investors such as Ford and Volkswagen and has brought Walmart into The fold to test its technology
The driverless-car technology company Argo AI laid off about 150 workers this week, a reversal following years of fast-paced hiring.
The layoffs come to about 6% of the company’s more than 2,000-person workforce, according to a company spokesperson and reported by The Wall Street Journal.
The Pittsburgh-based startup said it is taking this step to get its staffing levels back in line to hit operational goals.
"With incredible growth and progress made in our mission to deploy driverless vehicles, we are making prudent adjustments to our business plan to best continue on a path for success," Argo said in a statement.
FORD AND VW-BACKED ARGO AI LAUNCHES FULLY DRIVERLESS CAR SERVICE IN MIAMI AND AUSTIN
The company, launched in 2016, has major automakers as investors.
A Ford Argo AI test vehicle is parked in front of the Ford headquarters in Dearborn, Michigan. ((Photo credit should read JEFF KOWALSKY/AFP via Getty Images) / Getty Images)
Ford initially invested $1 billion in Argo in 2017. Volkswagen AG invested $2.6 billion.
Last year, Walmart worked with Argo and Ford to test an autonomous vehicle delivery service in three U.S. cities.
WALMART LAUNCHING SELF-DRIVING DELIVERY SERVICE WITH FORD AND ARGO AI
The company launched fully driverless ride-hailing services in Austin and Miami earlier this year.
Interior of Ford vehicle working with Argo. (Argo AI / Fox News)
Argo AI tested the service with human safety drivers behind the wheel and offers it through Lyft.
The company plans to install 1,000 autonomous vehicles on that network in the next few years.
LYFT TO ESTABLISH A HYBRID MODEL OF DRIVER, AUTONOMOUS VEHICLES
A Car with Argo technology used for shopping. (Ford)
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The company has brought on board talent from tech companies such as Apple and Uber Technologies.