The carmaker takes over the investment commitment from SoftBank at Cruise for another 1,200 million
MADRID, March 21 (EUROPA PRESS) –
General Motors will acquire the SoftBank Vision Fund’s stake in Cruise, a company specializing in autonomous driving, for $2,100 million (€1,900 million at current exchange rates) and will also make an additional investment of $1,350 million (€1,221 million), as per the company communicates in a communication.
With the injection of this additional capital in the amount of 1,221 million euros, the Detroit (Michigan) based car manufacturer confirms the investment commitment made by the SoftBank Vision Fund in 2018.
Last month, Cruise achieved a significant milestone in its vision of a safer, more sustainable and accessible transportation future by becoming the first company to offer self-driving rides to the public in San Francisco, USA.
The Cruise Origin is a zero-emission, shared electric vehicle designed from the ground up to operate without a human driver. That means it doesn’t rely on specific human-centric elements like the steering wheel or sun visor to function safely.
The Origin will help expand mobility options for seniors, those who are blind or visually impaired, and other communities that have traditionally faced barriers to accessing reliable transportation.
General Motors is building the Origin in Michigan, USA, at Factory Zero, supporting and creating jobs, fostering economic growth, and fostering the long-term success of US manufacturing and the US auto industry.
In addition to General Motors’ increased investments, Cruise today launched its Recurring Liquidity Opportunity Program, fulfilling Cruise’s promise to offer its employees long-term upside potential and liquidity flexibility.