Amazon backed out of taking a stake in Argo. Then the self-driving startup folded

A year ago, Ford and VW still saw a path forward for Argo if it could attract additional investment. Amazon’s interest sparked hope that Argo had found the third big backer it had long sought. — Argo

Amazon.com Inc. emerged as a potential savior for Argo AI, the now-defunct startup backed by two of the world’s biggest automakers, before the deal fell apart because of a sputtering economy, concerns about control and flagging faith in fully autonomous driving.

The online retailer was prepared to invest several hundred million dollars into Argo last spring, according to people familiar with the matter who disclosed Amazon’s involvement for the first time. Amazon planned to use Argo’s self-driving technology to automate some of the electric delivery vans it’s buying from Rivian Automotive Inc., setting up a test fleet in multiple US cities.