U.S. automotive manufacturer Ford Motor has created a separate $4 billion unit to house its self-driving vehicle operations and is seeking outside investors, following a similar move in late May by Detroit rival General Motors with its Cruise Automation unit.
Ford expects to accelerate business opportunities with the creation of the new unit, which it said is structured to take on third-party investment.
The new unit will house self-driving vehicle research, engineering, and systems integration, as well as business strategy and development for the automaker’s future self-driving vehicle fleet.
The company noted that it would invest the proceeds through 2023 in its newly formed Ford Autonomous Vehicles, including the $1 billion it previously had earmarked for Argo AI, the Pittsburgh-based self-driving startup that it acquired in 2017.