Ford confirms $4bn investments in autonomous vehicles by 2023

Detroit-based automaker, Ford Motor, has confirmed that its autonomous vehicle development is expected to rise to $4bn through to 2023, Automotive News Europe reports.

The vehicle manufacturer has formed a subsidiary, Ford Autonomous Vehicles, which will focus on the development of the vehicles.

Ford CEO Jim Hackett said: "Ford has made tremendous progress across the self-driving value chain — from technology development to business model innovation to user experience."

"Now is the right time to consolidate our autonomous driving platform into one team to best position the business for the opportunities ahead."

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The subsidiary will be headed up by Ford vice president, Sherif Marakby, formerly responsible for Uber’s autonomous vehicle developments, before joining Ford for a second spell last year.

The research will take place at Ford’s new Corktown facility in Detroit where the firm hopes to encourage business opportunities with the implementation of the new base.

$1bn of the $4bn that will be spent by 2023 on AV will include the figure that Ford has committed to investing in Pittsburgh startup, Argo AI, a partner in self-driving system improvement.