Ford reports a net loss due to decision to shift spending away from Argo AI By Stocksak

© Stocksak. FILEPHOTO: Ford logo pictured at 2019 Frankfurt Motor Show (IAA), Frankfurt, Germany September 10, 2019. REUTERS/Wolfgang Rattay/File Photo

DETROIT, (Stocksak), -Ford Motor Co. reported Wednesday a third-quarter net loss. This was due to its decision not to shift spending from Argo AI self-driving businesses.

Ford reported a net loss in the amount of $827 million after it took a $2.7 billion pretax impairment on Argo AI.

Ford will offer positions to “talented engineers” at Ford, according to the automaker.

Volkswagen AG (OTC), Argo’s second key investor, stated it too expects to hire personnel from Argo.

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