Argo AI, the autonomous vehicle start-up, will shut down over the next few weeks. According to Tech Crunch, the two main backers of the company, Ford and Volkswagen, will absorb parts of the company.
Argo AI reportedly held an all-hands meeting on Wednesday for staff detailing the shut down.
At the meeting, employees were told they would receive a severance package, including insurance and two different bonuses.
The bonuses will be an annual award and a transaction bonus upon the deals closed by VW and Ford.
As per sources, all employees will receive the above.
Those who are not hired on at Ford or VW they will receive termination and severance pay, including health insurance.
Although official numbers were not provided, sources at the meeting confirmed to Tech Crunch that it was a generous package.
In a statement, Argo said:
In coordination with our shareholders, the decision has been made that Argo AI will not continue on its mission as a company. Many of the employees will receive an opportunity to continue work on automated driving technology with either Ford or Volkswagen, while employment for others will unfortunately come to an end.
Neither Ford nor VW has sent out a statement confirming what parts of the company each will absorb or how many Argo AI employees they will retain.
