Argo AI

Argo AI laid off 259 employees on 2022-11-01.

Argo AI, an autonomous vehicle startup, is laying off 173 employees in Michigan as the company winds down operations. This move follows the company's shutdown announcement, which came after major backers Ford and Volkswagen shifted their investments away from full self-driving technology. The layoffs, effective in late October 2022, reflect the broader challenges in the autonomous vehicle industry, where high costs and technological hurdles have led to consolidation. Argo AI, once valued at over $7 billion, had received significant funding, including a $1 billion investment from Ford in 2017, but ultimately could not achieve sustainable commercialization.

In July 2022, Argo AI, an autonomous vehicle startup backed by Ford and Volkswagen, laid off approximately 150 employees, representing about 5% of its global workforce of over 2,000. The company cited a need for prudent adjustments to its business plan amid growing recession fears, acknowledging it had hired too quickly and overshot its targets. The layoffs affected various departments, including recruiting, digital media, communications, and operations. Despite the cuts, Argo AI continued hiring for engineering and technical roles while progressing with driverless testing in Miami and Austin as part of its commercialization efforts.

Argo AI laid off 100 employees on 2020-06-29.