Argo AI, the autonomous vehicle technology startup backed by Ford and Volkswagen, has laid off about 150 people and slowed its hiring pace, making it the latest tech company to cut its workforce as recession fears mount.
According to sources familiar with the company’s actions, the layoffs account for about 5% of its more than 2,000 employees worldwide. The layoffs were widespread, affecting talent recruiters, digital media and communications professionals, as well as members of operations teams, a survey of LinkedIn profiles shows.
Argo confirmed it had taken layoffs and said in an emailed statement: “With the incredible growth and progress made in our mission to deploy driverless vehicles, we are making tentative adjustments to our business plan to to go on the road to success.”
A source, who remained anonymous as they are not authorized to speak on behalf of the company, told londonbusinessblog.com that Argo hired too quickly and overshot where it should be. The company is still hiring and has dozens of open positions in engineering, legal, technical program management and fleet management.
Based in Pittsburgh, Argo AI launched driverless pilot operations in Miami and Austin in May 2022, making progress in commercializing its technology.