Argo News – The dream of smoking with the windows of a turbine powered car in your car can be put on hold. At least, that’s what the destructive Argo AI, backed by monolithic automakers Ford and VW, suggests. But before all that happens,
The retail giant, which is said to be laying off thousands of workers, is said to be interested in the technology to be used in buses manufactured by Rivian last year. However, a struggle to decide how to manage Argo with its three major investors and the high cost of the company’s autonomous driving technology has stalled the deal. Then Russia invaded Ukraine, which did nothing but protect the workers.
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Amazon is said to be willing to invest hundreds of millions of dollars in the startup. Ford previously invested $ 1 billion in 2017, followed by a larger $ 2.6 billion investment from Volkswagen. In fact, now outgoing VW CEO Herbert Diess met privately with Jeff Bezos to discuss the details of a potential deal. It’s followed by the Argo prototype car that runs on Amazon’s delivery routes, although it doesn’t deliver packages.
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Argo also hired 150 people to work on what looked like a safe investment from Amazon, but it was in vain. Administrative contracts are impossible, the world economy is worse than that man Vlad in Russia—what’s his name again?
In the end, it is difficult to say whether the additional investment saved Argo. The details of the company’s struggles are currently unclear and other auto startups have failed along with it. At least not yet.
Other autonomous car development teams have close ties to parent companies, which can insulate them from financial stress. The Tesla team, for example, is completely at home. Your progress towards a vehicle without human intervention can be hindered by the choice of equipment.
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General Motors Cruise is seen as the leader, offering driverless cars in San Francisco. However, personal travel is not without ups and downs. Sometimes, their cars fly like bees to certain places and cause confusion. Then the firemen must be sent to remove the vehicles from the hands. Likewise, the new Ultra Cruise technology, which will debut on the $300,000 Cadillac Celestiq, is also a “Level 2” system. Smart technology can send passengers from one address to another hands-free in many cases, but people must still want to take control. Essentially, Ultra Cruise is an extension of GM’s existing Super Cruise program.
In the end, if Amazon can’t save Argo, few others can. Self-driving cars are as difficult to navigate as they seem. People are very good at driving. Unless they’re from New England, that is. Let’s not be too crazy with a blanket announcement.Bitcoin miner Argo Blockchain has announced that it has applied for the suspension of business in its corporate offices on December 27, as the company expects to announce in Thursday, December 28, 2022. The company’s stock. has lost 96.34% for a year and on December 12, the bitcoin miner “advanced negotiations with a third party to sell some assets” in order to “strengthen the balance sheet and improve liquidity.”
On Tuesday, December 27, 2022, publicly listed bitcoin miner Argo Blockchain (Nasdaq: ARBK) announced that it has requested the suspension of trading of its shares by Nasdaq and the London Stock Exchange as well.
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Argo explained that it believes that sales will return after the company made an important announcement on December 28. Argo said that the announcement is “expected to be released before the opening of business on Thursday”.
Argo is one of the many bitcoin mining operations that have suffered financially in the crypto winter. During the first week of November 2022, Argo stock was downgraded by financial analysts Canaccord Genuity and Jefferies.
A publicly traded bitcoin mining competitor, Core Scientific, filed for Chapter 11 bankruptcy protection last week, and in late September 2022, Compute North filed for Chapter 11 bankruptcy protection. Statistics show that companies -the publicly traded mining company has more than $4 billion in debt.
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In addition, Argo unexpectedly released documents indicating that it has voluntarily filed for Chapter 11 Protection. However, a document dated December 12, 2022, indicates that the miner is in “advance negotiations with a third party to sell certain assets”.
The company also said that Argo “expects that it will be able to complete the transaction outside of the voluntary chapter 11 filing in the United States, although there can be no assurance that the company will be able to avoid such a document. “
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What do you think about the Argo Blockchain business delay to be announced on Wednesday? Let us know what you think about this topic in the comment section below.
Jamie Redman is a lead at Bitcoin.com and a technology journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and privacy applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com about emerging disruptive trends.
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People familiar with the situation note that Argo AI, a self-driving car company that started in 2017 with an investment of 1 billion dollars, is closing its doors. Parts of the autonomous car startup are said to be merged with the two main backers, Ford and Volkswagen.
During the meeting on Wednesday, Argo AI staff were told that potential competitors were from two car manufacturers. It is not known how much Ford or Volkswagen will pay for the Argo technology.
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The workers were told that they would receive two separate training sessions as part of their training package, which also included insurance. One is an annual award, and the other is a sales incentive in close cooperation with Ford and Volkswagen. All Argo employees will receive them.
Argo workers who will not be paid by Ford and Volkswagen will receive severance pay and severance pay, including health insurance. A source close to communicating with you
Noted that the offer was a generous package. The founder of the autonomous car startup also spoke privately of his more than 2,000 employees.
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I respect the team at @ArgoAI and what they are doing. I’m excited to bring so many people at @Ford to help us create the exciting L3 BlueCruise system that lets our customers cruise without looking at the road.— Jim Farley (@jimfarley98) October 26, 2022
Argo has released a statement to this effect. “In collaboration with our shareholders, we made the decision that Argo AI will not continue its mission as a company. Many employees will have the opportunity to continue working on self-driving technology with Ford or Volkswagen, but unfortunately the work will end for others. “
Ford CEO Jim Farley posted his thoughts on the Argo update on Twitter. According to Farley, the addition of Argo alumni to Ford’s ranks will allow the company to create a more advanced version of BlueCruise, the car’s driver assistance system.
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As for the future of L4 autonomy: We still believe that it will have a big impact in the long term. The muscle we’re building with our new talent is bringing the revolutionary BlueCruise L3 system to the future of accessible, driverless cars in everyday life.— Jim Farley
