Self-driving startup Argo AI lays off about 150 employees

Self-driving startup Argo AI said on Thursday it had laid off about 150 employees as it makes adjustments to its business plans.

The company, backed by Ford Motor Co (F.N) and Volkswagen AG (VOWG_p.DE), 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.