Currently reading: Ford loses $827m after closure of self-driving start-up
American giant reports big Q3 loss despite increased revenues; comes after Fiesta cancellation

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.

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