Self-driving startup Argo AI lays off about 150 employees

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The company, backed by Ford Motor (NYSE:F) Co and Volkswagen AG (OTC:VWAGY), said “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.”

After the job cuts, it will still have a global workforce of more than 2,000 employees, the company said. The cuts were reported earlier by Automotive News.