Ford establishes autonomous subsidiary with $4 billion visionby Byron Hurd
Ford Autonomous Vehicles LLC will oversee the company's self-driving operations.
Ford announced Tuesday the formation of a new subsidiary dedicated to the development of self-driving vehicles and their supporting technology and infrastructure.
Ford Autonomous Vehicles LLC was established with a $4 billion investment and a mandate to accelerate the company's progress in all areas related to autonomous vehicles.
"Ford has made tremendous progress across the self driving value chain - from technology development to business model innovation to user experience," said Jim Hackett, president and CEO, Ford Motor Company, in .
"Now is the right time to consolidate our autonomous driving platform into one team to best position the business for the opportunities ahead."
The new subsidiary will manage all aspects of Ford's self-driving plan, from core development to monetization of vehicle data and exploring new service- and sales-based business opportunities made possible along the way.