Global automaker Ford Motor Company (NYSE:F) reported third-quarter Fiscal 2022 results that beat analyst expectations on both the revenue and adjusted earnings fronts. However, the company’s bottom line took a $2.7 billion hit from the write-off of its investment in Argo AI, a fully autonomous self-driving start-up. Ford recorded a non-cash, pre-tax impairment charge on Argo AI which resulted in an $827 million net loss in the quarter. Argo AI is shutting down operations since both its financers are withdrawing their support. Ford invested $1 billion in Argo in 2017 and Volkswagen (DE:VOW) committed $1.7 billion to the start-up in 2019.
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