Ford to invest $1 bn in AI start-up to create autonomous vehicle
The Dollar Business Bureau US multinational auto maker, Ford said that it will invest about $1 billion in the next five years in an artificial intelligence (AI) start-up with the purpose of creating an autonomous vehicle by 2021. The auto giant will take a majority share in the Argo AI, an artificial intelligence firm headquartered in Pittsburgh, which was founded in 2016 by former employees of Google and Uber. The venture will hire leading engineers and ‘roboticists’ for developing a system of ‘virtual driver’, described by officials of Ford as the ‘brain’ of autonomous vehicle. Raj Nair, Executive Vice President of Ford, said that the setup is aimed to give the company a head start on its counterparts in the competition for commercialising the autonomous vehicles. “It will have the "speed and ...
Increasing FDI: Apparently good news to Indian automotive manufacturers
The Dollar Business Bureau Overseas investors seem to be betting on India’s automobile sector as the industry saw the whopping 89% increase in foreign direct investment (FDI) during the last financial year. Between April 2014 and February 2015, the Indian auto sector received FDI worth US$2.42 billion, almost double than US$1.28 billion pumped in during the same period a year ago. During the entire financial year of 2013-14, the industry received foreign direct investment worth US$ 1.51 billion, according to the latest data released by the Department of Industrial Policy and Promotion (DIPP). Experts say that the steep hike in foreign funding could trigger increased manufacturing activities in India-based plants of global automobile makers. Many global car makers like Hyundai, ...
