Ford sells stake in Velodyne after lidar maker’s post-SPAC gain


Ford took a stake in Velodyne six months before it invested $1 billion in self-driving startup Argo AI, led by Bryan Salesky and Peter Rander, previous leaders at autonomous teams at Alphabet Inc.’s Google and Uber Technologies Inc. Since then, Argo has developed an entire self-driving system that Ford intends to deploy commercially next year. Lidar, which bounces light off objects to assess shape and location in real time, has become key proprietary technology in the race to develop driverless vehicles.

“Our in-house lidar development effort, formed upon the acquisition of Princeton Lightwave in 2017, is going very well,” Alan Hall, an Argo spokesman, said in an email. “We will share more information about the progress at the appropriate time.”

Argo also is developing autonomous autos for Volkswagen Group, which invested $2.6 billion in the startup last year, giving it a valuation of $7 billion.

Automotive News contributed to this report.

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