Ford invested US$1 billion in autonomous driving startup Argo AI in 2017, and Volkswagen later joined with a $2.6 billion investment. It was an attempt to match the hype surrounding rivals such as Apple, Google, General Motors, Lyft, Uber, and Tesla. At its height, Argo AI was reportedly valued at $12.4 billion. But in October 2022 Argo AI shut down.

Meanwhile, GM is looking to expand its autonomous-driving business, which it believes is key to the future of the auto maker. (Barrons)