Ford CEO Says the Company 'Overestimated' Self-Driving Cars

Ford CEO Jim Hackett scaled back hopes about the company's plans for self-driving cars this week, admitting that the first vehicles will have limits. From a report: 'We overestimated the arrival of autonomous vehicles,' said Hackett, who once headed the company's autonomous vehicle division, at a Detroit Economic Club event on Tuesday. While Ford still plans on launching its self-driving car fleet in 2021, Hackett added that 'its applications will be narrow, what we call geo-fenced, because the problem is so complex.' Hackett's announcement comes nearly six months after its CEO of autonomous vehicles, Sherif Markaby, detailed plans for the company's self-driving car service in a Medium post. The company has invested over $4 billion in the technology's development through 2023, including over $1 billion in Argo AI, an artificial intelligence company that is creating a virtual driver system. Ford is currently testing its self-driving vehicles in Miami, Washington, D.C. and Detroit.

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