Ford took a $2.7 billion impairment shutting down Argo AI

In its 10-Q for the quarter ended September 30, 2022, Ford disclosed that it “recorded a $2.7 billion pre-tax impairment in the third quarter of 2022, reducing the carrying value of our investment” in Argo AI to $64 million, after determining the self-driving company “no longer has value as a going concern.” Ford and Volkswagen then began winding the venture down.