CHICAGO, July 24 (Xinhua) -- Ford Motor Company announced on Tuesday to set up a new firm which will encompass all aspects of its self-driving vehicle operations, in a bid to accelerate its autonomous vehicle business.

The company is organizing its self-driving business into Ford Autonomous Vehicles, which will include Ford's self-driving systems integration, autonomous vehicle research and advanced engineering, and other related units.

"Ford has made tremendous progress across the self-driving value chain -- from technology development to business model innovation to user experience," said Jim Hackett, president and CEO of Ford Motor Company.

"Now is the right time to consolidate our autonomous driving platform into one team to best position the business for the opportunities ahead," he was quoted in a press release.

The new firm will be primarily based at Ford's Corktown campus in Detroit and will hold Ford's ownership stake in Argo AI, the company's Pittsburgh-based partner for self-driving system development.

Ford reaffirmed its commitment to investing four billion U.S. dollars in its autonomous vehicle efforts through 2023, including one billion dollars of investment in Argo AI.

Sherif Marakby, currently Ford vice president in charge of autonomous vehicles and electrification, has been appointed as CEO of Ford Autonomous Vehicles. Enditem