Can Creatives Survive the Future War Against Dall-e 2?Read More

An Argo AI prototype in Pittsburgh, 2018. Photo by Bloomberg
Autonomous Vehicles Summit
Autonomous Vehicles Markets

As IPO Nears, Argo CEO Says Self-Driving-Car Prototypes Are ‘Regularly Beating’ Human Drivers

Photo: An Argo AI prototype in Pittsburgh, 2018. Photo by Bloomberg

Prototype self-driving cars developed by Argo AI “regularly” have lower collision rates than human drivers in metro areas such as Miami, said Bryan Salesky, Argo’s CEO, during The Information’s fifth annual Autonomous Vehicle Summit on Wednesday.

Salesky’s comment stands in contrast to mounting criticism that the autonomous vehicle industry’s pace of progress has slowed, and after some companies such as Cruise, TuSimple, Uber and Lyft previously set incorrect expectations for when driverless taxis or trucks would be tested or made available to the public. The missed timelines didn’t scare off investors, who collectively poured a record $8.5 billion into the sector over the past 12 months, up from $5 billion in the prior 12 months, according to an analysis by The Information. Salesky said his 1,300-person company, whose shares are majority owned by Ford and Volkswagen, would soon begin to raise funds from private investors ahead of an initial public offering within the next 12 months.

At the virtual summit, attended by subscribers from around the U.S. and from countries including China, India, Israel and Germany, industry leaders debated the technical choices and business models of some autonomous vehicle-related companies—and whether they should tap the public markets, given that driverless vehicles appear far from commercially viable. (Scroll down to view our annual state-of-the-AV-industry slides.)

Get access to exclusive coverage
Read deeply reported stories from the largest newsroom in tech.
Latest Articles
 
The Weekend Startups AI
The Shaky Mental State of Silicon Valley
The Shaky Mental State of Silicon Valley
Hi, welcome to your Weekend! Next month, when the San Francisco Board of Supervisors reconvenes after its summer recess, one of the matters up for discussion will be a resolution to decriminalize the use of psychedelics. While San Franciscans have never needed Board approval to partake in the wonders of nature, you can bet plenty of tech workers around town will be rooting for a yay...
Latest Briefs
 
Peloton Announces Job Cuts, Store Closures and Price Hikes
South Korea’s Mirae Asset Management Led $250 million SpaceX Investment
Founder of Crypto Exchange Houbi in Talks to Sell Stake for $1 Billion
Stay in the know
Receive a summary of the day's top tech news—distilled into one email.
Access on the go
View stories on our mobile app and tune into our weekly podcast.
Join live video Q&A’s
Deep-dive into topics like startups and autonomous vehicles with our top reporters and other executives.
Enjoy a clutter-free experience
Read without any banner ads.
Art by Josh Brill
Exclusive Asia Startups
TikTok’s $4 Billion Advertising Machine Is Messy Behind the Scenes
Two years ago, social media sensation TikTok came up with a slogan to prod brands to be more authentic in their advertisements on the app: “Don’t Make Ads.
Viral Patel, global head of technology investing for Blackstone Credit. Art by Clark Miller.
Exclusive Venture Capital Startups
Blackstone Plans to Back Tech Startups in $2 Billion–Plus Lending Push
Private equity giant Blackstone is gearing up to make its first major push into lending to startups and technology companies—joining a corner of the debt market that’s quickly heating up.
Illustration by Clark Miller
Man v. Machine AI
Can Creatives Survive the Future War Against Dall-e 2?
Earlier this year, Karen X. Cheng, a video director in San Francisco, was commissioned by a client to make an augmented reality dress for special events.
Art by Clark Miller.
Venture Capital Startups
Venture Capital’s Limited Partners Warn of Fundraising Slowdown
The era of easy money could be over for venture capital firms. Although VC fundraising has so far matched last year’s brisk pace, limited partners—the people and institutions that invest in VC funds—say a slowdown is afoot.
Photo by Alaska Air Group.
Facebook
For Meta’s Next CFO Susan Li, Metaverse Dreams Mean Real-World Challenges
When Meta Platforms reported its first-ever quarterly revenue decline last month, the Facebook parent company also made a key promotion with little fanfare: 36-year-old finance executive Susan Li would become chief financial officer in the fall, replacing longtime CFO Dave Wehner, who held the role for eight years and would transition to a strategy role.
Enterprise Power List Venture Capital Enterprise
Introducing The Information’s Enterprise Tech Power List
The biggest battle in tech is happening where most consumers can’t see it: the cloud. And a new cast of executives and investors are increasingly calling the shots—making decisions about the future of the battle with trillions of dollars at stake.