© Reuters. FILE PHOTO: An Argo Ai self driving prototype vehicle is seen outside a Ford and Volkswagen joint news conference in New York City, New York, U.S., July 12, 2019. REUTERS/Mike Segar
(Reuters) – Self-driving startup Argo AI said on Thursday it had laid off about 150 employees as it makes adjustments to its business plans.
The company, backed by Ford Motor (NYSE:) Co and Volkswagen AG (OTC:), said “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.”
After the job cuts, it will still have a global workforce of more than 2,000 employees, the company said. The cuts were reported earlier by Automotive News.
