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• The layoffs account for about 6% of the company’s total workforce
Ford Motor Co (NYSE: F) backed Argo AI laid off 150 workers this week to correct the aggressive hiring done by the driverless-car technology start-up.
“With incredible growth and progress made in our mission to deploy driverless vehicles, we are making prudent adjustments to our business plan to best continue on a path for success,” Argo said in a statement.
The layoffs account for about 6% of the company’s total workforce.
Ford had invested $1 billion in Argo in 2017 and holds an ownership stake in the start-up which is looking to advance the autonomous-driving technology.
Picture Credits: Getty Images
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