Ford-backed autonomous car startup Argo AI lays off 150 employees

An Argo AI vehicle in Miami, Florida. | Photo by: Jeffrey Greenberg/Education Images/Universal Images Group via Getty Images

Argo AI, an autonomous vehicle startup backed by both Ford and Volkswagen, has laid off about 150 employees, as reported earlier by Bloomberg and The Wall Street Journal. The move is supposed to offset a period of rapid growth, in which the company hired more employees than needed.

“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,” Argo AI said in an emailed statement obtained by Bloomberg. The Verge reached out to Argo AI with a request for comment but didn’t immediately hear back.

As noted by the WSJ, the layoffs make up about 6 percent of the Pittsburgh-based company’s 2,000-person team. Argo AI was…

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