San Francisco: As recession fears grow, the US-based autonomous vehicle technology startup Agro AI, backed by Ford and Volkswagen, has laid off about 150 people and slowed the pace of hiring, making it the latest tech company to reduce its workforce. According to TechCrunch, the layoffs account for about 5 per cent of its more than 2,000 global workforces, according to sources familiar with the company's actions. Volkswagen To Invest Over $20 Billion To Build Electric Vehicle Batteries.

The layoffs were widespread, affecting talent recruiters, digital media and communications employees as well as members of its operations teams, a review of LinkedIn profiles shows, the report 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," the startup said in an email statement while confirming layoffs.

A close source, who remained anonymous because they are not authorised to speak on behalf of the company, told TechCrunch that Argo AI had hired too quickly, overshooting where it should be. The company is still hiring and has dozens of engineering, legal, technical programme management and fleet operations positions open, the report said.

Argo AI, which is based in Pittsburgh, launched driverless testing operations in May 2022 in Miami and Austin, marking the company's progress towards commercialising its technology.

(The above story first appeared on LatestLY on Jul 08, 2022 03:35 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).