Meet the AI taxi company powered by Ford and Volkswagen
The list of major companies investing in driverless vehicles is growing. Continue in this video clip from The Virtual Opportunities Show Motley Fool Live, recorded on 24.5Fool.com contributors Jose Najarro and Travis Hoium discuss some of the strategies Argo AI supports ford (NYSE:F) and Volkswagen (OTC: VWAGY) — used to carve out a piece of the autonomous driving market.
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Jose Najarro: I found an article today about Argo AI and this is quite an interesting company backed by Volkswagen and Ford. They are testing fully driverless vehicles in Miami and Austin. Actually, maybe I’m just quick to share my screen with the kind of notes I took for this article. I think I’m sharing the screen. Yes.
First I’ll start with these tests in Miami and Austin. Argo employees will actually be the first customers at these locations here in Miami and Austin. Another thing they mentioned is that this will work during the day. This might seem like a bit of a shock, because sometimes some of these autonomous vehicles need to operate at specific times, perhaps in low-traffic areas when there aren’t many people outside.
Argo says they have permission to start testing when the road is fairly busy and people are out and about. We know Miami and Austin, these two are densely populated cities. As I mentioned earlier, Argo AI is one of the few companies testing fully driverless vehicles. I found that quite interesting. We have Argo, which is backed by Volkswagen and Ford, we have Waymo, which is backed by alphabet (NASDAQ:GOOGL) (NASDAQ: GOOD). We have Cruise powered by General Motors (NYSE:GM)and we have Motional powered by Hyundai (OTC: HYMTF) and aptive (NYSE: APTV).
I think it’s just quite interesting that sometimes we think about autonomous driving because we don’t get this first-person message, hey, this car company focuses on autonomous driving, then they most likely don’t do anything with it. But we can see that many of these big players support some of this technology.
Hopefully, once it’s fully developed, they can adopt this technology and maybe even integrate it into their own vehicles. I also found it interesting that Argo already mentioned future projects. One of the first projects they mentioned is that they want to offer commercial ridesharing services lyft (NASDAQ:LYFT)which I think is pretty cool.
They also want to do these autonomous trips to do a delivery service with them Walmart (NYSE: WMT). Pretty interesting technique. I know sometimes, especially since we don’t live in these high-tech cities. We do not see how autonomous driving is already being tested. I just wanted to get this to the other fools out there.
Travis Hoium: This is a lot more advanced than many think. Cruise and Waymo both have commercial customers in their vehicles in San Francisco now, is it Houston? Then phoenix.
Najarro: Phoenix is big. Yes.
Hoium: Yes. Phoenix is a big company, I think both Waymo and Cruise are in Phoenix. But yes, it’s coming. It’s interesting compared to some of the other publicly traded companies that are talking about it. In my opinion, these are the silent companies that build things and bring them to market. Look, we don’t want to know that the car that drives past the house or past us on the street doesn’t have a driver. They want it to be easy to use and secure. I know Argo AI has been to Florida, I think they have their own, haven’t they bought a small town, an abandoned town, and that’s where they do a lot of their testing?
Najarro: That’s pretty crazy.
Hoium: If my memory is correct. While Cruise conducts most testing in the San Francisco Bay Area. I think this is coming a lot quicker than people think. They mentioned 2025 that Cruise will likely launch something next year, Waymo I assume would be in a similar time frame although I don’t know what their vehicles will be like. But yeah, that’s cool stuff. This is where I wonder if my kids will ever drive a vehicle.
Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Jose Najarro has positions in Alphabet (C shares). Travis Hoium holds positions at General Motors. The Motley Fool has positions in and recommends Alphabet (A shares), Alphabet (C shares), Aptiv PLC, and Volkswagen AG. The Motley Fool has a disclosure policy.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.