Today, with the close of Volkswagen AG’s investment, we become a global company and welcome new teammates to the Argo AI family. This news not only solidifies our well-capitalized position, but differentiates us as the only self-driving technology platform company with partnerships and commercial agreements for deployment across the U.S. and Europe.
As first announced last July, our partnership with Volkswagen also includes the contribution of VW Group’s Munich-based Autonomous Intelligent Driving (AID) team. The team in Munich brings an incredible wealth of talent, insight, and experience that we couldn’t be more excited about. We look forward to celebrating the establishment of Argo Munich, which will serve as our European headquarters.
Munich will become our fifth engineering center, building on Pittsburgh — our global headquarters — along with Detroit, Palo Alto, and Cranbury, N.J. We maintain fleet operations in Miami, Washington, D.C., and Austin.