SAN FRANCISCO (Reuters) - Ford Motor Co plans to invest $1 billion over the next five years in tech startup Argo AI with the target of developing an autonomous vehicle for production by 2021, the companies announced at a press conference on Friday.
The investment in Pittsburg-based Argo AI, which was founded by former executives in charge of self-driving teams at Google and Uber, will make Ford the company's largest shareholder. Ford Chief Executive Mark Fields said the investment is in line with previous announcements on planned capital expenditures.
Once the technology is fully developed for Ford, both companies said, it could be licensed to other companies.
(Reporting By Nick Carey; Editing by Tom Brown)