Ford made an $827 million (£713m) loss in the third quarter of 2022 due to the closure of Argo AI, the autonomous vehicles start-up it backed with Volkswagen.
The loss comes after Ford took a $2.7 billion (£2.3bn) non-cash pre-tax impairment on its investment in the firm.
Ford CEO Jim Farley cited the short-term unprofitability of level four advanced driver assistance systems (ADAS) – full autonomy without driver supervision, albeit in geo-fenced areas – as the reason for Argo’s closure.
Investment will be diverted to internally developed level two-plus and level three systems to meet customer demand.
