Ford sold Velodyne stake 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.Since then, Argo has developed an entire self-driving system - including its own lidar technology - that Ford intends to deploy commercially next year.
By : Bloomberg
| Updated on: 16 Feb 2021, 02:54 PM
File photo of Ford logo. (AP)
File photo of Ford logo. (AP)
File photo of Ford logo. (AP)
File photo of Ford logo.

Ford Motor Co. has sold off its stake in Velodyne Lidar Inc., a leading maker of sensors being used in the development of self-driving cars.

Ford, which invested $75 million in Velodyne in 2016, no longer held any shares as of the end of last year, according to a regulatory filing. The automaker held almost 13.1 million shares three months earlier, a holding worth $244.2 million at the close of the third quarter.

“This is consistent with our efforts to make the best, highest use of capital," said T.R. Reid, a Ford spokesman. “We are using Velodyne technology in our autonomous vehicles."

Velodyne went public in September after merging with a special purpose acquisition company, or SPAC. The valuation of the San Jose, California-based company has been volatile since its trading debut, peaking at $4.62 billion in late December.

Similar Cars

Find More Cars
Ford Figo (HT Auto photo)
Ford Figo
1194 cc | Petrol | Manual | 18.5 kmpl
₹5.49 - 8.43 Lakhs**Ex-showroom price
Ford Aspire (HT Auto photo)
Ford Aspire
1194 cc | Petrol | Manual | 18.5 kmpl
₹7.24 - 8.73 Lakhs**Ex-showroom price
Ford Freestyle (HT Auto photo)
Ford Freestyle
1194 cc | Petrol | Manual | 18.5 kmpl
₹7.27 - 9.03 Lakhs**Ex-showroom price
Ford Ecosport (HT Auto photo)
Ford Ecosport
1496 cc | Petrol | Manual | 15.9 kmpl
₹7.99 - 11.78 Lakhs**Ex-showroom price
Ford Endeavour (HT Auto photo)
Ford Endeavour
1996 cc | Diesel | Automatic (Torque Converter) | 13.9 kmpl
₹32.75 - 36.27 Lakhs**Ex-showroom price
Maruti Suzuki Baleno (HT Auto photo)
Maruti Suzuki Baleno
1197 cc | Petrol | Manual | 21.01 kmpl
₹5.58 - 9.46 Lakhs**Ex-showroom price

(Also read | Ford chief calls for EV battery deal to avoid supply disruptions)

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 -- including its own lidar technology -- 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 AG, which invested $2.6 billion in the startup last year, giving it a valuation of $7 billion.vc

First Published Date: 16 Feb 2021, 02:54 PM IST
Recommended For You
View All
NEXT ARTICLE BEGINS

Please provide your details to get Personalized Offers on

Choose city
+91 | Choose city
Choose city
Choose city
By clicking VIEW OFFERS you Agree to our Terms and Privacy Policy

Dear Name

Please verify your mobile number.

+91 | Choose city