Hyperdrive
Ford Sold Velodyne Stake After Sensor Maker’s Post-SPAC Gain
- Lidar-sensor maker went public last year after merger
- Ford-backed startup Argo AI has its own lidar technology
A Velodyne Lidar Inc. puck sensor.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
Ford Motor Co. has sold off its stake in Velodyne Lidar Inc., a leading maker of sensors being used in the development of self-driving cars.
Ford, which invested $75 million in Velodyne in 2016, no longer held any shares as of the end of last year, according to a regulatory filing. The automaker held almost 13.1 million shares three months earlier, a holding worth $244.2 million at the close of the third quarter.