GM Cruise Holdings LLC receives $2.25B investment from SoftBank
In an announcement made via a press release on Thursday, Detroit-based automaker General Motors (GM) has revealed that its self-driving division, GM Cruise Holdings LLC, has secured a $2.25 billion investment from SoftBank.
GM Cruise presently operates a self-driving Chevy Bolt EV fleet in San Francisco, for enabling its employees to avail autonomous ride-hailing services.
In announcing the investment of $2.25 billion GM Cruise has received from SoftBank, GM said that an additional amount of $1.1 billion will also be invested by the automaker itself into its self-driving unit. With the help of the new investments, the capacity of GM Cruise will apparently be boosted to reach commercialization at scale by 2019.
GM Cruise will get the $2.25 billion investment from SoftBank in two tranches. The first tranche of $900 million will be made by SoftBank Vision Fund at the closing of the deal, while second tranche of $1.35 billion will be released when GM Cruise’s self-driving vehicles are set to hit the market. The investments will give SoftBank Vision Fund a 19.6% stake in GM Cruise.
About SoftBank’s investment in GM Cruise, Mary Barra -- Chairman and CEO of GM -- said in the recent press release that the move marks the addition of a “strong partner” for the company which is relentlessly pursuing its vision of “zero crashes, zero emissions, and zero congestion.”
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